In a recent article by Jamin Armstead, he talked about how to protect your assets with life insurance. He mentioned that approximately 36% of American families are headed by a single parent and 72% of black families are single-parent families. What happens should something happen to that parent?
One way is to obtain life insurance where you work -- another is to buy inexpensive term insurance. You can pick the number of years you want the policy to be in effect 10, 20, even 30 years. Term insurance is pure protection. If you want pure protection along with a living benefit such as accumulated cash values. Over the term of the policy, this equity builds up in your policy and can be used for emergencies, thus we call it a living benefit.
Not sure which is the best policy for your particular circumstances, give us a call at the agency to discuss.