A little preparation for the future now can make a big difference for your loved ones when you pass away. Life insurance allows you to provide for your family from beyond the grave and can even cover expenses related to your funeral. Read on to learn what life insurance covers and if it could be right for you.
Contact John L Sprague Agency in La Plata, Maryland, to learn more about our life insurance coverage.
What Is Life Insurance?
Life insurance is a contract between you and your insurance company. As long as you continue to make premium payments, your insurer is legally bound to provide a lump sump—known as a death benefit—to your beneficiaries after you pass away.
Here are some of the typical benefits of life insurance coverage:
· Inheritance creation can enable you to pass down wealth and assets to chosen beneficiaries.
· Final expenses may cover costs associated with your funeral, burial and estate administration.
· Income replacement can provide financial support to beneficiaries who rely on your salary.
· Estate taxes can cover federal income taxes on your estate, so your beneficiaries don’t have to pay out of pocket.
We’re here to help. Contact John L Sprague Agency to speak to a life insurance agent.
Who Needs Life Insurance?
Life insurance is not required by law, but it can provide peace of mind for you and your loved ones. Here are some situations where life insurance may be beneficial:
· You have young children.
· You have a spouse who depends on your salary.
· You have debt that could pass on to your heirs.
· You are paying for your family’s mortgage or your child’s college tuition.
· You’re responsible for an adult with special needs.
· You have a business.
Finding the right life insurance policy takes time and effort. Call John L Sprague Agency to learn more.
Where Can I Buy Life Insurance?
Since 2000, we’ve been helping our clients get the protection they deserve. Contact John L Sprague Agency to learn more about our life insurance coverage and to get a life insurance quote.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.