How Life Insurance Protects Your Family

Starting a family brings many joys but it can also bring concerns.  Questions such as “how will the children be protected if something happens to one or both of the parents” arise.  This is where life insurance comes in.  It plays a financial role in the future of your family whatever life may bring.  A good policy can ensure that your children’s educational future is protected.  It can also be used to pay off a mortgage, cover funeral expenses and take care of any remaining debts.  There is a myriad of ways that life insurance policies protect your family.  The team at American Founders Insurance Group Inc. work with families in the Tulsa, OK area.  They are ready to talk with you and address any concerns. 

There are two main types of life insurance policies:  term life and whole life.  When considering the coverage your family needs, remember to factor in inflation and the estate taxes that will be due.  This may impact your choices.  Both policy types have their benefits for specific life situations.  Term life policies are active for a predefined amount of time.  If desired, they can be renewed.  Initially, the premiums will be lower than whole life insurance.  However, the premium will increase each time that it is renewed.  Also, they do not increase in cash value.

On the other hand, whole life insurance remains in place throughout the policy holder’s lifetime.  Even with a higher premium, the policy will build cash value.  This can be borrowed against when needed.

In the Tulsa, OK area, the team at American Founders Insurance Group Inc. are ready to answers your questions.  They can help you decide which policy type is right for you and your family. Call and visit them to get started on the journey to protecting your family.