Life Insurance 101

Life Insurance can be a discouraging topic. People do not like to talk about their own mortality. To help ease the discomfort, think of life insurance as protecting the ones you love.

Life Insurance is the foundation of financial security and with it you are ensuring the people you care about the most are protected despite the circumstances. Life insurance protects your family by  granting cash to assist a difficult time. The money is tax free and can be used to aid the family in anyway they wish, such income disparity, paying off college, medical bills and much more.

Types Of Life Insurance

There are two primary groups of life insurance policies you can purchase: term life policies and permanent life policies.

Term life policies provide coverage for a certain time period. Hartfield describes it like renting a house or apartment. You pay for it on a monthly or annual basis and once the term is done you can opt to renew or terminate.

Permanent life policies provides coverage for a lifetime. It is more expensive than term life but it has additional features. An essential feature for permanent life policies is cash value. The cash value accumulates overtime as you make payments towards your policy.  

When Do I need to get life insurance and what kind should I get?

You should buy life insurance as soon as you can. Buying life Insurance early saves money.  Premiums rise with age so when you are young and healthy your premium will likely be lower.

Everyone’s situation is different so we recommend you talk to one of our advisors. Our advisors can point you in the right direction. If you’re young and can’t afford a lot of life insurance it might be best to get term life insurance. Once you are financially stable, you can explore permanent life insurance. Big life events such as marriage, divorce, birth of a child or transitioning into retirement should prompt you to review what you have and make adjustments to your plan.  



Call (352)-373-7100 or email larry@harfieldinsgroup.com for assistance.