Are you in the process of looking for life or disability insurance?

All of us need that extra protection, and having proper and adequate insurance is an integral part of your financial health.

I get it. Insurance is not the most fun topic. But the cost of ignoring insurance is too great, especially if you have those who are financially dependent on you.

Without it, you're leaving you and your loved ones without a safety net. And that, my friends, is truly tragic.

LIFE INSURANCE

There are two main types of life insurance: term and permanent life insurance.

Term life insurance is a policy that guarantees payment upon the death of the policy holder. Once the term is up and you're no longer paying premiums, there is no cash value. This is the most straightforward type of life insurance, as well as the most wallet friendly.

Permanent life insurance, on the other hand,  includes a savings component. It provides lifelong coverage and builds up cash value. Due to this added level of complexity, the premiums are much higher.

For the majority of people, term life insurance will make more sense compared to permanent life insurance. There are many other financial obligations that you want to fulfill before committing a large sum of money every month towards a whole life policy.

Ready to dive deeper? Check out this post that goes over life insurance basics.

DISABILITY INSURANCE

Did you know that disability insurance is code for income protection?

In a perfect world, you would graduate from school and have a long career ahead of you with no interruptions.

Unfortunately. that doesn't happen to everyone. When surveying retirees, many have retired due to disability, NOT because they were ready to exit the workforce.

Disability insurance can get complicated, so be sure to read about the basics here.