Life insurance comes in many forms, so you need the one that’s right for you. VA life insurance is meant to help your loved ones manage financially after you are gone, whether that means paying off your debts or funding funeral arrangements. Here’s a look at two different kinds of life insurance.
The “”term”” means this kind of insurance is meant for a fixed period. This coverage is best used to protect your dependents in the case of premature death. The term is commonly 10, 20 or 30 years and should be chosen to coincide with a time your dependents will be on their own. For example, if your children will have graduated college within the next 20 years, that is a good term to consider.
Even when your dependents move on with their lives, there are still costs associated with old age and dyeing that are best covered by whole life insurance. As the name suggests, this insurance lasts your entire life. One benefits of whole life insurance is that you may be eligible for annual dividends.
VA life insurance might not be your top priority since few people want to think about death, but it is important to think about. Wherever you are in life, the right life insurance policy may protect your loved ones from financial hardship.