What is Life Insurance?

If you are one of the millions of Americans without life insurance, it may be time to reconsider.  It is not something most people like thinking about.

Life insurance provides for those who depend on you and your income. If you die early or accidentally, life insurance provides your dependents with ongoing income to replace yours.  It can also provide an emergency fund for medical, legal, and funeral costs. 

What kind of Life insurance do I need?

Picking the right life insurance policy depends on many factors.  The two main types of coverage are term and whole, but there are many options in between.  Here at Nápoles Insurance Service we take the time to sit down with you and get know your personal needs and concerns.

Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

In contrast, Whole insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.

But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with us.