How Income Guard Term Life Insurance Can Help Provide for Your Family’s Future
Apr 15, 2024
1 min read
When it comes to caring for the ones you love, having a life insurance policy is a simple way to show them you’re preparing for the future.
What Is Income Guard Term Life?
If you’re concerned about a loss of income when a loved one passes away and are wondering what kind of insurance policy supplies an income stream, Income Guard Term Life may be for you. While many term policies offer a lump sum payout, Income Guard takes a different approach.
Income Guard Term Life is a type of family income life insurance policy that allows your loved ones to stay on their feet with set monthly benefit payments — like a paycheck — for many years, in addition to a one-time death benefit of $20,000. By receiving steady payments, their regular expenses like housing, car payments and childcare may be covered. The coverage period for this income protection policy is 10 or 20 years.
Why Choose an Income Stream vs. a Lump Sum Payout?
When it comes to weighing your life insurance payout options, choosing between an income stream and a lump sum payment can be difficult. While a lump-sum payout is the most popular life insurance option, it’s not the only one. With Income Guard Term Life insurance, your loved ones can continue to live their current lifestyle without disruptions to their finances. This income protection from life insurance will help ensure that your family continues to receive consistent, monthly pay after your passing.
Steady Income for Routine Expenses
Whether you’re paying for day care or school, groceries or a mortgage, an Income Guard Term Life insurance policy provides a steady income for your family to pay off routine expenses. This allows your family to cover their immediate needs while planning finances around sudden expenses that may arise after your passing.
Guaranteed Payout Period
Based on the duration of your Income Guard Term Life policy, your loved ones are guaranteed to receive payments for a set period of time and are less likely to worry about the unknown financially.
Avoid Disruptions to Finances
The unexpected expenses that can arise after a loved one’s passing can be overwhelming. Monthly payments from Income Guard Term Life insurance can help avoid disruptions to big-picture finances by giving your family the freedom to pay off debts, make investments or pay for expenses like healthcare or education.
Peace of Mind
When it comes to the ones you love, giving them the peace of mind to continue on with life after your passing may be just what you need to explore Income Guard Term Life insurance.
Financial Stability for Them, Reassurance for You
No matter which payment design you choose, a life insurance policy helps ensure financial stability and support to those most important in your world. Finding the right policy can feel like a big decision. Your local Farm Bureau agent will help you identify your goals and find a solution that best fits your needs. Contact an agent today to protect your family’s financial future and ask about Income Guard Term Life.