Life Insurance

At M.L. Bruenn Insurance we offer industry leading Life Insurance policies at competitive prices to the entire Westchester County including New Rochelle, Scarsdale and White Plains. we are committed to helping you find the right policy for you, at the right price.

It is never too early to begin considering life insurance, even if you have just turned 18. When you are young, it is difficult to think about covering expenses such as credit card debt, funeral expenses and other debts, especially due to your own demise. At the same time, you probably do not want to burden your loved ones with all these costs should the unexpected occur. That being said, there are a few things you should know about a life insurance policy.

Term Life
A term life insurance policy is the most straightforward insurance plan you can find. Basically, you pay a monthly premium for insurance that will last a specific term, generally ranging 10-30 years. As long as your premiums are kept current, you are guaranteed insurance at a specific price with a set payout. Term life insurance is used primarily to pay short-term debts and provide some replacement income for a spouse and minor children. It could also be used to pay for college tuition or mortgage payments.

Whole Life
As the name suggests whole life insurance is designed to cover the insured for their whole or entire life. You see, at one point in time all life insurance was basically temporary. Term life insurance only pays out upon premature death within the stated term of the policy, which left a lot of people frustrated because they could pay for insurance for 20 years or more and wind up without any coverage at the end of their life.

Investment Potential
As you begin to determine what type of insurance you need, the investment potential of a whole life insurance policy can be very attractive. Policies will vary but some can actually be used as collateral due to the cash value that builds over time. Of course, you have to realize that in many cases fees and penalties will eat away at the value to the point that as pure investment it is not the best place to park your money.

Which type of policy should you choose? It really depends on where you are in your life at the point you decide to purchase coverage. For example, a high school graduate without children or a mortgage would be best served with a 10-year term life insurance policy, while a mid-30ís couple with two children and a mortgage may be better served with whole life coverage.

Please contact Tom Bruenn to discuss your specific life insurance policy needs.

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