One of the best ways we can help or protect our family after we’ve passed on is to cover any debts or expenses we’ve accumulated over the years. With the help of a trusted insurance agent, you can get a Connecticut life insurance policy that will work within your family’s budget and means.
How Does Life Insurance Work?
When you buy life insurance, the insurance company pays the amount specified on the policy to your family if you pass on. The money may be received by your family in annual installments or a single payment depending on the policy or options you choose.
What Types of Life Insurance Can You Choose?
There are two types of life insurance you may choose to use, depending on the way you’d like to pay for them or whichever option is right for your situation.
Term Life Insurance
Covers a set amount of years within the policy and pays beneficiaries if you die within that time.
Permanent Life Insurance
This type of coverage doesn’t expire and pays your family when you pass away. Usually, the money can be taken out at any time for investments or loans.
What Types of Expenses Are Covered?
When you pass on, your family may choose how to use the Connecticut life insurance policy and any amount left over after expenses are paid for.
Some of the expenses covered may include the following.
- Funeral costs-Debts (loans, medical, etc.)-Estate taxes