How life insurance figures into financial planning

Life insurance is a decision you make to give financial support in the event of your death. It is your last gift to your family and loved ones. No one talks much about it, so you may have many questions about when to buy and what to buy. At NEC Agency Inc in Brooklyn, NY, we are dedicated to providing our customers with high service and quality products. We will work hard to give you a positive insurance experience.

Financial planning begins early in life. As soon as you have a job that allows you to save some money, it is time to start thinking about the future. This is the perfect time to buy life insurance as part of that plan as a young person. A financial plan for the future can start small, and at this point in your life, investment in whole life insurance is both affordable and practical. Rates will probably never be lower, and your age and health are in your favor. 

Whole life insurance stays with you for your entire life. As long as you keep up the payments, the protection is there. If you can’t keep up the payments at some point, your accumulated dividends can keep your policy going. These accumulated dividends can also be borrowed if the time comes when you need them. 

Part of financial planning is making sure your loved ones are cared for if taken from them. Term life insurance is an affordable way to be able to provide a larger amount of protection. You are only paying for protection. When the term of your policy ends, your coverage ends, and there is no accumulated cash value. 

Contact NEC Agency Inc in Brooklyn, NY, when you are ready to discuss your life insurance needs.