Life Insurance

What Is Life Insurance

While it’s not always possible to be prepared for tragedies, vital steps can be taken to at least make difficult situations more manageable. In the event of an untimely death, you and your loved ones can benefit from having adequate life insurance. While dealing with funeral arrangements and coping with grief, the right policies can provide essential financial relief. 

At Vanmar Insurance, our agents will work tirelessly to help you understand the various life insurance options available. With over 25 years of experience serving the Yakima Valley area, our knowledge and commitment will help ensure optimal coverage. 

Why Life Insurance Is Important 

The death of a loved one often means survivors may need to take on additional financial responsibilities. Fortunately, most life insurance policies can assist with the following expenses: 

• Funeral and burial costs

• Estate taxes

• Outstanding debts

• Medical expenses

• Administrative costs

Beyond these costs, having life insurance is also of the utmost importance for those who may have been financially dependent on the deceased, such as spouses and children. The right policy can provide critical aid to replace lost income. 

What Are the Primary Types of Life Insurance? 

Life insurance can come in many different forms and with various customizations, but in general, most policies will fall into the following categories: 

Term life insurance—This type of policy covers insured parties for a predetermined, temporary timespan. If death occurs during that period, the policy will pay out to its beneficiaries. If you are a parent who wants to make sure their children are provided for until they come of age or that a large loan can be paid off, term life insurance may be the best choice.  

Permanent life insurance—This coverage, also known as whole life insurance, lives up to its name by covering the insured throughout their entire life. Permanent life insurance may also have additional benefits. For example, these policies can accrue cash value, which can then be accessed by policyholders or beneficiaries under certain conditions. 

How Much Life Insurance Should I Have? 

Your life insurance needs will depend on your particular circumstances. If you want to make sure that your family and loved ones are cared for in the event of your untimely death, consider the following criteria: 

• Your annual salary

• How long you intend to work to support your family

• Mortgage balance and other debts

• Anticipated future expenses, such as child care and college tuition

Once you have considered these factors, you will have a better idea of how much life insurance you will need to replace your current and future income and support your family. 

Get the Right Coverage 

The death of a loved one is already a traumatic experience, but without adequate insurance coverage, those left behind will be forced to manage financial stress alongside their grief. By having the right life insurance policy, you can help protect your family’s future and ensure that they are taken care of. 

The insurance experts at Vanmar Insurance are ready to help. Contact us today.