Life Insurance in Prairie Village, KS
If you’re a parent wanting to protect your family’s financial interests and futures, life insurance may present a valuable and indispensable solution. The right life insurance policy can be one of the most important investments you ever make, as it may help your loved ones manage financial stress and hardship while navigating their grief. At Bovard Insurance Group, we help Prairie Village, KS families identify and secure the right coverage. 
How Life Insurance Works
Life insurance is a type of coverage that insures an individual, such as yourself, your spouse or your child. Although many parents choose to purchase policies for themselves and list their significant other or dependents as beneficiaries, you can also procure coverage for your children to help manage fiscal needs amid the tragedy of losing them. Regardless, should the insured die while coverage is active, beneficiaries can submit a claim for the death benefit.
What Do Policies Cover?
A life insurance policy’s death benefit can be integral in helping remaining family members navigate various financial challenges and expenses. Beneficiaries may often use payouts to assist with the following:
- Funeral expenses
- Outstanding debts
- Estate taxes
- Income replacement
- Child care costs
- College tuition
Types of Life Insurance
Life insurance may come in many forms, and policies generally fall under the following two classifications:
- Term life insurance establishes a limited period, such as 10, 20 or 30 years, during which coverage remains active. If the insured dies during this time, beneficiaries may be eligible for the death benefit. These policies are often suitable for those with financial responsibilities that have an anticipated end date, such as paying off a mortgage or waiting for children to reach adulthood.
- Permanent life insurance lives up to its name by potentially providing lifelong coverage. This type of policy also usually includes a cash value component that can accrue over time and even be accessed while the insured is still alive, such as for investments and loans. Additionally, permanent life insurance rates are typically locked in, meaning you won’t face higher costs as you age and potentially develop health issues.
Where to Buy Life Insurance
By working with a trusted insurance company, such as Bovard Insurance Group, you can find the right policy for your family. Contact us today to discuss coverage options and financially secure your loved ones’ futures.