Life Insurance

What is Life Insurance?

Life Insurance is used to protect the financial security of the people you love most. A Life Insurance policy pays a cash benefit, tax free, to your beneficiaries when you die. The amount of money for which you are insured and the type of insurance you buy depends on your needs.

FaithLife Financial offers two type of life insurance:

Do I Need Life Insurance?

Because each person's insurance needs are unique, a good rule of thumb is: If someone relies on you to provide for them in any way, then yes, you probably need life insurance.

A FaithLife Financial representative will help you determine the type and amount of any needs you may have.

How Does Life Insurance Fit Into a Financial Plan?

The primary purpose of life insurance is to protect against the personal and financial strain of an unexpected death. Life insurance comes in many forms and can accomplish other, more complex, goals too (such as charitable giving or efficiently funding tax liabilities).

What Options Do I Have for Protecting my Mortgage?

With all that your home means to you and your family, you'll want to do everything possible to protect it. Mortgage protection is about taking steps to protect the mortgage on your home. It involves creating a plan to help make sure your family is able to keep up the mortgage payments if you become sick or die unexpectedly.
In general, there are two options for protecting your mortgage:

Option 1. Individually (or jointly) owned life insurance, critical illness insurance or both.
Option 2. Mortgage insurance - like those from a bank.

Both options do the same thing - protect your mortgage.

Did you know with option 1 you can:

  • Choose who receives the cash payout.

  • Decide how the payment is used - e.g. to make mortgage payments.

  • Have the flexibility to adjust the type and amount of coverage.

  • Continue your coverage even if you change mortgage lenders.