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Why Delaware Life Insurance?
Delaware life insurance is a pact between you and your insurance agency stating that in exchange for paying the premiums, a death benefit will be paid to your beneficiaries after you die.
The financial support your loved ones receive from your Delaware life insurance policy will help them maintain their standard of living after your wages are lost. It is for this reason that many experts consider Delaware life insurance to be the cornerstone of sound financial planning.
While no one likes to do it, playing “worst-case scenario” is the best way to
determine if Delaware life insurance is appropriate for you.
Your answers to these questions are crucial in determining whether Delaware life insurance is a necessary purchase to protect your family.
Determining Your Needs
The monetary needs for Delaware life insurance differ from person to person, however determinants are the relatively the same across the board.
First, you will want to consider what short-term expenses your family will be responsible for. Short Term expenses might include your funeral and burial costs, and any unpaid debt you may have left behind.
You will then want to consider your family’s long-term needs. Long-term needs might include mortgage payments, childcare, continuing education and retirement funds for the surviving spouse. Be sure you take inflation into account when determining long-term needs.
Finally, you will want to incorporate any assets you currently have that your family could use toward these costs, or in addition to Delaware life insurance. Your assets might include cash, savings or money in stocks and bonds—and don’t forget about Social Security or pension funds if you have them.
Once you have calculated expenses minus the amount of assets you have, you will have an estimate of how much Delaware life insurance you should purchase to ensure your family’s security. As always, be sure to discuss your needs with a licensed Delaware life insurance agent before purchasing a policy.
Permanent v. Term Life Insurance
Permanent and term life policies are the most commonly purchased forms of Delaware life insurance:
Permanent—gives lifelong protection and generally does not need to be renewed. Permanent coverage comes with higher premiums, although some of the premium is invested by the Delaware life insurance company to build cash value.
Term—provides protection for a period of time, as specified in the policy, which means that a death benefit will only be paid if you die during the term. You may renew your policy after it expires, but premiums tend to increase as you age. While term policies do not build cash value, they generally carry lower premiums—making them more appealing to those unable to afford a higher premium.
It is important to note that there may be other forms of Delaware life insurance available to you, so be sure to discuss your needs with your agent before purchasing a policy.Find Delaware Life Insurance Today.
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You’ll rest easier knowing your loved ones are protected by Delaware life insurance—find your policy today.