Let's Have the "Talk"

Life Insurance is a topic that doesn’t get discussed enough. And we understand— it's a big
decision! It could be a long process to navigate the jargon and all the information. Why do you
need to shop around first before buying a policy? This is so you can compare different
companies, check what the policy offers in order to have life insurance that can fit your needs
and budget. There are options in the market such as Term Life Insurance and Whole Life
Insurance.

What to know about these policies and why consider them?

Term Life Insurance
Most of the time is recommended for younger people that may not have the financial resources
to have a more expensive policy. The pricing is reasonable when you’re young and healthy. But
as you get older, the insurance company may decide that the premium will go up. This type of
policy pays a death benefit only, meaning that it doesn’t accumulate value. It only pays a benefit
as long as the premiums are covered. It’s really important to designate a beneficiary because
this will be the person who will receive the benefit payment.
Whole Life Insurance
This allows you to choose the value of your policy death benefit. Keep in mind, the higher the
benefit, the premium will go up as well. The premiums you pay for the whole life insurance does
add cash value to the policy. This means that if you stop paying the premiums there’s not going
to be a death benefit pay but, you or your heirs, will have the portion of what you already paid in
premiums.

No matter what type of Life Insurance policy you go for, make sure it works for you! This is one
of the most proactive conversations we can have and even though it can seem a bit
uncomfortable for some, being prepared and having the correct information provides a sense of
relief and that things will be taken care of. For many across the country, life insurance has been
an option to make sure to keep their families financially protected in case of the unexpected.
Now, don’t get overwhelmed! If you need a consultation to discuss this and see what is the best
course of action, with proper estate planning at Ruben Law Firm we can help you when you
request an appointment.