Life is all about choices — and many of our most significant decisions revolve around keeping our loved ones safe and secure. While we do not know when something unexpected might happen, we can make smart decisions in preparation to help control the impact of what could happen next.
Life insurance can help control the biggest unknown in our lives and bring added peace of mind with preparation. Depending on where you are in your financial planning, you might already know that life insurance can serve as a smart component to help protect what matters most. You’re not alone in this recognition, as nearly half of today’s adults acknowledge a need to consider life insurance¹. But you might not know where to start or who to turn to for assistance.
To make an educated choice about life insurance, it is helpful to understand the types and benefits of the different policies being offered. There are two general categories of life insurance, and within them, there are many options from which to choose, as everyone’s needs and priorities are unique to their situation.
What is Term Life Insurance?
Term life insurance provides cost-effective coverage with premium payments that stay the same for a set period of time. This type of life insurance is a great option when you have many financial priorities to protect, including housing expenses, income replacement, children’s education and bills. The benefits can be used by those who depend on you to help cover these “cost-of-living” expenses and outstanding debt.
What is Whole Life Insurance?
Whole life insurance is designed to provide flexible coverage that lasts for a lifetime. You can use the unique features of some permanent policies to help grow cash value and customize your premium payments. The policy can help supplement your retirement and be there for you to leave a legacy to your family. Other permanent policies are more basic and the funds will help take care of your final expenses.
Take comfort in knowing you can prepare for your future by making an essential choice for you and your loved ones. Call our life specialist, Chuck Betz, at 614-431-7910 or visit AAA.com/Life to see how life insurance can provide the added peace of mind you deserve.
1 LIMRA (March 2020) Consumer Sentiment Survey.
AAA Life and its agents do not provide legal, financial, or tax advice. Therefore, you may wish to consult independent professional advice prior to the purchase of this coverage Life insurance underwritten by our affiliate, AAA Life Insurance Company, Livonia, MI.