Life Insurance

Life is fragile, therefore it is important to protect yourself and those that you love, before you die.  It is too late for life insurance then.
As described by F.C. Oviatt author of Economic Place of Insurance and Its Relation to Society, “The foundation of life insurance is the recognition of the value of a human life and the possibility of indemnification for the loss of that value.”  Life is the greatest value and it deserves protection. Overall, life insurance is bought from an insurer, who promises to pay benefits after the death of the insured person.  The money goes to the beneficiary or the family of the insured, and is paid out in full upon the policy holder’s death. It can be used to cover costs such as mortgage, education or estate taxes and funeral expenses. With a Long Term Care Rider some of the death benefit value can be accessed when the need arrives to pay for the home – care or a nursing home expense. Also Accelerated Death Benefit Rider can provide money in case of the diagnosis of a terminal illness while you are alive.  The life policy  holder can rest in peace, knowing that the family left behind will be protected financially.

Life insurance policies are legal contracts and can be divided into two categories:Term policies and Permanent policies.

  • Temporary policies, such as term insurance, come in the form of a lump sum that is paid out to the family after the policy holder’s death. Term life insurance is a temporary protection.It may be used to cover your mortgage in case of your premature death. It may also be used, with some limitations to convert all or part of the policy into a permanent Whole Life or Universal Life policy.
  • Permanent policies may generate growth of the cash value through premiums and include whole life, universal life, and variable life policies.  Again, depending on the term and the amount, this type of insurance does generate additional value over time, and can be permanent. It is very important to get an advice from an agent who specializes and is active in Life Insurance business. Every person and every family will have a different need and to properly set up your Life Insurance Program you may need to have your attorney and an accountant to cooperate with a licensed Insurance Agent to set up a plan which will work for you and your loved ones.

Whether temporary or permanent, it is important to get life insurance for your family, regardless of your age. That way, in case of terminal sickness or a tragic accident, you can rest assured that your family will be protected financially. There is nothing more valuable than life, both your own and of those you love. Life’s greatest values should be protected no matter what. When you call our office at 440-838-5383,  we will gladly answer all your questions. If we don’t know the answer we will get it for you………

Comments Off on Life Insurance

Chalasinski Insurance Group, Ohio