How life insurance protects loved ones after a loss

(InvestigateTV) — Many people view life insurance as something you don’t need until later in life.
However, Gloria Garcia Cisneros, a financial advisor with LourdMurray said life insurance is actually a tool to protect loved ones and assets.
“I’d say this is the main trigger for folks to consider getting life insurance. Whether it’s a partner, a spouse, children, maybe someone with a disability in your family aging parents,” Cisneros said. “Something if you have shared debts can even trigger this. It’s when someone else would have to depend on you financially.”
She said it helps people move forward without that additional financial stress after someone passes away.
Cisneros explained that the payout from life insurance is almost immediate after a death happens. It’s also tax free and it usually helps cover the expenses that are needed right away such as the funeral, the mortgages, replacing the lost income.
“There are temporary or technically called term life insurance policies. These are more affordable and cover you for just a set period of time. 10, 20 or 30 years,” she shared. “These are ideal for protecting your family or those loved ones that depend on you, until major responsibilities like raising your child out of the house, paying off a home, or covering education costs are behind you.”
The other main type is permanent life insurance, which covers an entire lifetime, Cisneros said, which is why is also costs more.
She said not everyone needs a big policy. She reminded people that agents can earn a commission based on the policy, so be cautious and careful before committing.