Welcome to Snapshots with Storick

Welcome to Snapshots with Storick. Owned and operated by The Storick Group, where we are dedicated to providing you with the means to take care of your family no matter what the situation. The best gift you can ever give your family is providing them with financial security in the event of a tragedy. There are many what ifs and possibilities in life, and we can't control all of them. But what we can control is how we prepare for them. Investing in life insurance is the best preparation and security blanket you can provide. for those you love.This is a daily blog dedicated to the things you care about. Reasons why you should invest in life insurance, but also things related to family life, children, fashion, entertainment, movies, meal plans and recipes to eat and stay healthy, and many other things that will help you and your family lead happy lives. Today's first post is directly related to life insurance, why you need it, how to choose the right one. Likely if you are reading this you have questions, so we are going to provide you with three tips on helping you decide on the type of life insurance policy that is best for you and best fits your needs.

1. Why Do You Need It?
 Sit down and take the time to really think about why you need life insurance. Is it an income replacement for your spouse or dependents if something happens to you? Do you need it to cover something like a mortgage payment or credit card debt? Most people purchase life insurance to help with income replacement, paying off debts, everyday living expenses, and future expenses like college tuition. Knowing first why you need life insurance will help you with determining which kind of life insurance is best for you.

2. How Long Do You Need It For?
The biggest difference between the three main types of life insurance, is the amount of time the policy is in force for. The three types of insurance are term, whole, and universal life insurance. Term life insurance is a policy that only lasts for a certain length of time, starting at one year and running as many as thirty. Whole life insurance, just like it sounds, lasts for the entire life of the policy holder. Even if they live to see past one hundred, this policy will remain in force. Whole life insurance, also known as permanent life insurance, also includes a savings component. Universal life insurance is best used by someone who has large (but undetermined) amounts of money that they wish to invest. Whole life insurance is ideal for someone who wishes to pay and maintain a set premium for many years.

In order to determine which type of policy works best for you, you must first determine how long you need the policy to be in force for. If you are buying life insurance to cover a large payment like a mortgage, you should consider buying term life insurance for the term length of the mortgage.

3. Do You Need A Savings Component?
If you do go with whole life insurance, you are then offered savings component. A portion of the premiums goes into an account and grows tax-deferred over time. Once you have acquired a certain amount in the account you can borrow from it. Term life insurance does not have a savings component. You simply pay your premiums for the length of the term and if you pass away while the policy is in force, your beneficiary receives receives the death benefit.

Knowing the answers to these three questions, why do you need it, how long do you need it for and do you need the savings component, will help you determine what kind of policy you need. Contact us at the Storick Group so we can work closely with you and help you decide which is the best way for you to go.

Stay tuned for daily updates on more things like this, as well as just every day life things that matter.

Brett Royster