Final expense and mortgage protection are the kinds of life insurance people most often ask about when someone else depends on them. Matt MacMillan, an independent broker in Mooresville, NC, offers a straightforward review of those and other options, with no pressure.
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Each one solves a different problem. Here's a plain-English look, and Matt can help you decide.
For: adults, often 50+, who don't want to leave funeral costs to family.
A smaller whole life policy that helps your family pay for a funeral, burial or cremation, and final bills. Many plans use health questions instead of an exam.
For: homeowners who want their family to be able to keep the house.
Life insurance sized to your home loan. If you pass away, the benefit goes to your family, not the lender, so they can pay off the house or keep up the payments.
For: families who need a large amount of protection for a set number of years.
Coverage for 10, 20 or 30 years while the kids are home, the mortgage is large, or your paycheck matters most. Term usually provides the most coverage per premium dollar.
For: people who want coverage that lasts for life.
Permanent coverage with premiums that typically stay level and cash value that builds slowly over time. Often used for legacy and permanent needs.
For: savers planning for, or living in, retirement.
An insurance contract that can offer tax-deferred growth and, depending on the contract, income payments. Matt explains how each type works, what it costs and any limits on access.
Not sure where to start? Ask Matt to help you decide →
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Straight answers to common questions. Have another one? Just call.
Term life covers a set period, such as 10, 20 or 30 years, and usually costs the least for a large amount of coverage. Whole life is designed to last for life as long as premiums are paid and builds cash value, so it costs more for the same benefit. Many families use both.
A smaller whole life policy meant to help your family pay for funeral costs, final medical bills and similar expenses.
Life insurance, usually term, sized to your home loan. The benefit goes to your family, not the lender, so they can pay off the house or keep up the payments.
Not always. Many final expense and some term policies use health questions instead. Larger amounts may require an exam.
No. A review of your options costs nothing and you are never obligated to buy.
Talk with Matt MacMillan, an independent broker in Mooresville. It's friendly, there's no cost to talk and there's no obligation.
By calling the number above, you will be connected to a licensed insurance agent.
