Life Insurance Information
Do I need life insurance?
Life insurance helps secure your family’s financial future after you and/or your spouse dies. It also helps ensure that your estate will be left to the beneficiaries you have designated.
When purchasing life insurance, consider the financial responsibilities that your family will immediately inherit such as a mortgage or car loan. In addition, you’ll also want to consider long-term goals such as your spouse’s retirement or your children’s education.
If you decide that you need more coverage, determine whether you need coverage for a specific time period (“term” insurance), such as until you retire or the mortgage is paid off, or coverage for the remainder of your life (“whole life”, “universal life” or “variable life” insurance).
Term insurance generally has lower premiums in the early years but does not build up a cash value you can access and can become prohibitively expensive as you get older. Whole life, universal life or variable life insurance start out with higher premiums, but the premiums may not increase as you get older and the policies provide protection for your entire lifetime. It is important to know which type of policy you own, and how the benefits are paid if something happens to you and/or your spouse.
If you have questions about your current coverage, or about the type of policy that best suits you, join us for our workshop on How Life Insurance Can Protect Your Family’s Future on April 22 at 10:30 am at Shiloh Baptist Church, 1500 9th Street NW, Washington, DC 20001.
Register at DISBLifeInsuranceInfo.eventbrite.com.