GREENSBORO, N.C. — Life insurance is a financial safety net that steps in when you no longer can. It helps your loved ones cover large expenses like mortgages, college tuition, and replacing your income.
Kimberly Bell, an agent with State Farm, talks about the benefits of life insurance and who should consider getting it.
Life insurance isn't just for parents and older adults. It's for anyone who has someone depending on them. If someone counts your income or support, it's time to start thinking about coverage.
Different types of life insurance
- Term Life Insurance: Simple and affordable. This is your "just in case" policy, covering you for a specific period—like 20 years while you're raising kids or paying off a mortgage.
- Whole Life Insurance: This one's more like a lifetime companion, offering lifelong protection and a built-in savings component you can use later on.
- Final Expense Insurance: For those who want to ensure the only thing their family is left with is fond memories, not funeral bills.
Common myths
- Myth: Life insurance is something you think about later in life.
- Reality: The earlier you get it, the better the rates—so it’s smart to get a policy while you’re young and healthy.
- Myth: Life insurance is too expensive.
- Reality: There’s a wide range of policies that can fit almost any budget, and with a little guidance, you can find something that works for your needs.
Life insurance for children
Whole life insurance for kids sets them up early. The policies grow in cash value over time and give your child access to funds later for major milestones like college, buying their first home, or starting a business. Getting a policy when they're young gives them low premiums.