Virginia life insuranceRegardless of how much income you earn, you probably have other people who depend on you financially. You wouldn’t want to have your kids, aging parents or other groups of people who you have taken responsibility for to suddenly lose their support.  Remember, although death is certain, its timing is very uncertain; as uncomfortable as the thought may be, you need to accept the possibility that you could die at any time. While contributing money towards your retirement savings is a good idea,  you should also think of the risk of you dying before you can reach retirement age. Your dependents may not be able to live very well or for very long off of your retirement savings.

That's where your Virginia life insurance comes in. Life insurance pays your beneficiaries a certain amount when you die, irrespective of whether you just paid your first premium or have been paying into your insurance  for decades. The benefit amount varies depending on the ability of an individual to pay; therefore, if you can afford to pay more, then your beneficiaries will receive more upon your death.

If you want to be paid the benefit amount yourself if you live past a certain period of time, you want to get term life insurance. With this type of insurance, you can redeem the premiums plus a return on investment after the expiration date of your coverage. If you die before the policy expires, your dependents will also be paid the entire benefit either in one lump sum or in periodic installments over time.

Periodic, or installment, payments are often a beneficial arrangement for your heirs. This type of arrangement ensures that beneficiaries have a steady source of income to finance different projects. For example, beneficiaries can re-invest insurance company proceeds in various businesses to earn a good return and multiply their disposable income. Your inheritance could then be passed on for generations to come because of excellent investment decisions made with the original benefits of your life insurance policy

Life insurance benefits are also sometimes used to finance burial expenses. Your heirs won't be at peace if you've left them a lot of assets but they don't give you a decent burial.  You would also not want them to start selling assets to finance your burial, especially if the assets in question are family heirlooms you left to them.

For all of these reasons, it's important to have proper life insurance coverage. Life insurance allows your heirs to have a good quality of life if you should die suddenly as well as ensuring that they can afford to give you the burial you deserve. 

Call a Salzberg Insurance Agent today at 757-583-1828 to figure out which policy works best for you.

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