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Life insurance is a type of insurance policy that provides money to your loved ones after you pass away. When you pay the regular premiums, the insurer will pay out a tax-free lump sum, called a death benefit, to your chosen beneficiaries if you pass away.
The main point of life insurance is to help you protect your family financially. The funds received from a life insurance payment can be used to cover funeral costs, pay off debts, replace lost income, or support ongoing expenses, such as education, childcare, or daily living. There are also two main types of life insurance:
- Term life insurance—This type of life insurance covers you for a specific period, such as 10, 20, or 30 years. It is also more affordable and more straightforward. If you pass away during the term, your beneficiaries will receive the payout. If the term ends while you are still alive, the policy expires without a payout.
- Permanent life insurance—This includes types like whole life or universal life insurance. This type of life insurance lasts for your entire lifetime, as long as you pay your premiums, building cash value over time. You can sometimes borrow against the cash value of your policy while you are still living.
At Curtis Helms Insurance, we can help you explore your life insurance options here in Gastonia, North Carolina and help you find the right policy for your needs. Contact us today to get started.
At Curtis Helms Insurance, we offer life insurance to those in Charlotte, Monroe, Kannapolis, Mooresville, Hickory, Harrisburg, Raleigh, Greensboro, Gastonia, Winston-Salem, and Wilmington, North Carolina.