Benefits of Life Insurance
In addition to protecting your loved ones from financial problems in the event of your death, life insurance can also provide you with other benefits. Cash value that is earned and borrowed from permanent life insurance can be used for large expenses, such as a down payment for a home or a college education. You don’t have to pay taxes on cash value accumulation until you withdraw funds from the policy. Funeral and estate taxes can add up and, with a life insurance policy, your family can be prepared to pay for these costs without a lot of worries.
Who Should Have Life Insurance?
Life insurance can benefit everyone, but it’s even more critical if you have a spouse, dependent children, an aging parent, not enough in retirement savings, a sizable estate, or if you own a business. Speak with an agent at ORION Insurance & Financial Services LLC, serving New Mexico, to determine how much insurance you should get.
There are different life insurance policies to consider based on your needs. Ask an agent if a term or permanent life insurance policy is best. Term life insurance only lasts for a certain period and can be more affordable. Permanent or whole life insurance will remain the same and can also build up some cash value.
What You Should Know about Life Insurance in New Mexico
Life insurance is regulated by New Mexico, and there are a few things to know. There is a free look period, which gives you the ability to test-drive a policy before you commit to it. All residents have at least ten days to back out of a life insurance policy and still get their money in return. There is also a grace period for life insurance policies. Policyholders have 30 days to pay their missed premium without having the policy canceled.
Contact ORION Insurance & Financial Services LLC, serving New Mexico, to get a quote on life insurance.