Life Insurance—Face the Future with Confidence

When you pass away, your loved ones are faced with many immediate decisions and costs, and life insurance can help ease that burden. But, the cost of a funeral isn’t the only thing you need to consider. You need to think about the people who will survive you and their future. After you’ve passed on, will they have the resources necessary to handle the following?

  • Mortgage debt

  • Credit card debt

  • Car payments

  • Living expenses

  • Educational expenses

  • Business operations

Life insurance tailored to meet the above needs, and potentially more, is going to allow them to face the future with confidence.

What Type of Life Insurance Is Best for You?

There are two types of life insurance—term and permanent. As the name implies, term life insurance covers a set amount of time, typically five, ten, or thirty years. Permanent or whole life insurance as it’s sometimes called, covers you for the rest of your life, guaranteeing a payout to your beneficiaries no matter when you die. Additionally, whole life can accrue a cash value that you can access while you’re living. Term life has no cash value.

There are a lot of individual factors that impact which type of insurance is best for you. Generally speaking, you should consider a term life insurance policy if you’re looking for:

  • The most affordable coverage

  • Income replacement to cover your mortgage or the expense of child rearing should you die prematurely

  • You think may want to convert your term life insurance to whole life policy when you can better afford it


You may opt to choose permanent or whole life insurance if:

  • You want to provide money for your heirs to pay estate taxes

  • You have a lifelong dependent, such as a child with special needs

  • You want to leave an inheritance for your heirs when you die

  • You want to leave your business to one heir and use a life insurance payout to equalize the inheritance to compensate another heir

The Facts of Life

The best time to purchase life insurance is when you’re young. Annual rates are typically more affordable and it’s a sound investment for your overall financial plan. But, beware, shopping for life insurance online will not always ensure an accurate rate quote. Initial ads for policies starting at low premiums (“as little as a dollar a day!”) can be misleading. After you’ve completed lengthy forms and undergone medical exams, those rates can jump to two, three, or even four times as much as was initially advertised.

It’s best to know the whole picture right from the start, with no costly surprises. That’s why it’s critical to take advantage of the advice and experience of a professional, licensed insurance broker like the ones available to you at Thomas Ward Insurance Group.

You Only Live Once—Protect What Comes Next by Calling Us Today

Protect your family’s future by investing in your own life insurance today. Remember, the sooner the better. Call 312.254.1500 today for more information or to request your free quote. We are also available online.