At Picton Financial we offer you a wide variety of products to meet your needs, the needs of your family and the needs of your business. Life insurance is a contract between an insurance company and an individual, in which the insurance company agrees that if the individual ("the insured") should die during the term of the life insurance policy, the insurance company will pay the predetermined amount of money to the beneficiary chosen by the insured upon their death.
Life insurance may be purchased for a predetermined term, usually of 5-30 years, or on a permanent basis.
Reasons to Buy Life Insurance
The most common reason is to leave some money to your family in the event that you die, so that they don't end up in financial crisis due to your lost income. The other reasons to buy life insurance are:
- To cover funeral costs.
- To secure your mortgage instead of buying insurance through the bank.
- To pay off credit debts or other loans so your estate or family do not get stuck with your debts.
- To pay estate taxes.
- To protect your spouse's lifestyle, even if you do not have children.
- To protect your future lifestyle by locking in a lower life insurance rate while you are younger, healthier, and don't have any problem with a medical exam.
- To build wealth as part of your financial strategy.
Different Types of Life Insurance
- Term Life Insurance: Term life insurance allows you great flexibility in regard to how long you want the policy for, as well as to the limit of insurance. Because it is for a specified term, it expires after the selected amount of years you insured yourself for. Term insurance starts at 5 years and can go up to 30.
- Whole Life Insurance: Whole life insurance is a permanent form of life insurance because it covers you for the term of your life. The premiums for this policy can vary.
- Universal Life Insurance: Universal life is a type of whole life insurance policy. A portion of the premiums for this policy are invested. The benefits are that you can later borrow money from your life insurance policy.
Call Picton Financial for additional information about the coverage we can provide.