Life insurance isn’t a fun thing to think about, and it may seem like an unnecessary expense. But if you have people who depend on you for financial support, then life insurance is really about protecting them in case something happens to you. Your designated beneficiary would collect a financial benefit upon your death. 

The agents at William Viviano Agency are here to help you make sense of life insurance basics and find a policy that is right for you. Give us a call at 704-566-1189 today to learn more or get a policy quote. 

Types of Life Insurance 
Here’s an explanation of the main types of life insurance policies that may be available to you: 

Term: This is the simplest and generally cheapest form of life insurance and you buy this coverage for a specific period of time. It can usually be renewed, but premiums will increase based on age and health factors. There is no cash value.  

Whole Life: You purchase this policy to cover your entire life, as long as you keep paying premiums. Premiums remain constant throughout the policy, and the company invests a portion of your premium that becomes the cash value. These are more expensive than term policies in the early years, but the premium does not increase.  

Universal Life: This policy is similar to whole life but has the potential for higher earnings on the savings component. It is more flexible in terms of changing premiums and face value throughout the policy. There is usually a guaranteed return on the cash value. Disadvantages include higher fees and the possibility of increasing premiums.  

Variable Life: A variable life policy generally has fixed premiums, and you have control over the investment decisions for the cash value portion. However, this is riskier because there is no guarantee for the cash value. 

How Much Life Insurance Should You Buy? 
How much life insurance you need will depend greatly upon your personal circumstance. Based on an income replacement calculation, many people decide between 5 and 10 times the amount of their current income. 

Think about your personal circumstances: Is yours the sole income in your household? Are there other expenses, such as college tuition, that may arise in the future? Don’t forget to include potential medical and funeral costs. Above everything, you want to ensure your family doesn’t about bills, debts or expenses they can’t afford.  

Get a Policy Quote Today  
If you’re ready to take the next step in preparing for your future, give the agents at William Viviano Agency a call at 704-566-1189 today.