Life Insurance

There are many kinds of life insurance, but they generally fall into two categories: TERM insurance and PERMANENT insurance. Based on your current situation, you may want to take advantage of one or both! Robust Financial can help to DETERMINE the best solution from our list of A+ rated companies offering great and affordable rates.

So What is Term Life Insurance?

Term life 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 concept is similar to renting an apartment and paying your monthly rent to live on a property…. Once a lease is up(term), the new amount will have an increase or you will just move out without having an equity in return for living in property. 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. Term life insurance is typically far less expensive than purchasing whole life insurance coverage.

How About That Permanent or Whole Life Insurance?

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums without taking loans, withdrawals, or surrenders, 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. Since equity is built into plan, you will be able to take advantage of loans and withdrawals from cash value accumulation. You will have to be aware of the tax implications from withdrawals from whole life insurance policies.-We can help with addressing these concerns!

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 a QUALIFIED and licensed life insurance professional with Robust Financial. We will provide the tools and resources necessary to do a thorough needs analysis that will put you on the PATH to your financial goals.