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Life Insurance

If your family depends on you & your income, you need life insurance. The policyholder pays a regular premium in return for a life insurance company’s promise to pay the death benefit, or face amount, to the named beneficiary, typically a spouse, children, parents or other family members.

The value of a life insurance policy is the peace of mind it provides; knowing that if you died today, your surviving loved ones would be taken care of financially. Most people take out their first life insurance policy when they get married, become parents or buy their first home; yes, life insurance can provide peace of mind, but did you know it can also provide college or retirement savings?

That’s why it’s important to fully understand which policy will perform best in the most difficult of times. Nobody likes to consider their own mortality, but that’s essentially what we have to do when buying life insurance. But for those who plan ahead, life insurance can not only provide a safety net for those left behind, it can reduce taxes and help with a range of other financial headaches.

Education Moment – Life Insurance Terminology

There are several different kinds of life insurance policy, but they generally land in one of two categories: term life insurance and permanent life insurance. There’s much more to learn about the different types of life insurance, so contact us for more information.

  • Term Life Insurance Policies – Term life insurance is the most affordable policy available. Each year, the premium paid covers the risk of death during that year. It has no cash value. It’s a temporary policy that offers protection for a specified period of time, the term – typically 10, 20 or 30 years. This type of policy is popular if your financial needs will diminish over time, such as a home mortgage or college tuition. Death of the policyholder before the term expires is the only way for the beneficiary to collect the death benefit of the policy, free of income tax.
  • Permanent Life Insurance Policies – Permanent life insurance provides lifelong protection. As long as the premiums are paid, the policy never ends. Permanent life insurance policies also provide a savings element that accumulates a cash value over a long period of time.

There are other types of policies available that compliment life insurance, such as disability insurance or long term care insurance. You might also consider purchasing an annuity, which is a life insurance product that is insuring your retirement. There’s not necessarily a right or wrong answer, as long as you have made some provision for your family. But choosing the best type of life insurance to suit your personal situation requires education and planning, so you can be sure your family is protected.

Contact Us Today

Looking for life insurance in Arizona or New Mexico? Call your local Alpha & Omega team at 480.792.1000 (AZ) or 505.822.1008 (NM) or come and see us; our experience can translate your needs into a policy you can afford, and can take comfort knowing it will be there when you or your loved ones need it.
“Shauna & Mike helped us obtain the very best rate for life insurance by overcoming some challenges. We are forever grateful for their patience and dedication to do what is right for their clients. They take the time, and no matter how challenging it might become, always give the “Perfect Effort”

Al & Mary-Ann S.

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