Life Insurance Overview
Life insurance is, by far, one of the most important forms of insurance to carry. However, many people don’t have it. Employers will sometimes provide workers with a small policy, but often that isn’t up to take care of the finances if something were to happen. The main reason why many people aren’t covered has to do with our mindsets. We never think that something bad will happen to us. We don’t think about how our family will pay the bills once we are gone. It happens every day, though. People lose their houses and possessions because they can’t afford to pay the bills on one salary.
By buying a life insurance policy, you are ensuring that your family can continue their lifestyle if something were to happen to you. Usually, plans are cost-effective but can pay off in a big way if they are ever needed. Many contracts will charge a premium payment in exchange for a lump-sum payout, known as a death benefit. There are multiple options available, including term, whole, and universal life insurance.
Whole Life Insurance
One option available to those looking for life insurance is Whole life insurance. Referred to as permanent life insurance, it is available to provide a lifetime of coverage. Going this route can lead to higher premium payments, but it provides a comprehensive benefits package for the beneficiary of the policy. There is also the added benefit of the cash value that the Whole life insurance plan holds. Many people select the plan because of its savings component and its ability to accumulate tax-deferred over time.
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Term Life Insurance
Designed to provide financial protection for loved ones over a specific period of time, Term life insurance can last 10 to 20 years. There is a cost-efficiency part of this plan as the premium payments tend to be less expensive than other permanent life insurance options like Whole life insurance. The main thing to keep in mind if you decide to purchase one of these policies is that there is an expiration date. Once the plan expires, you will need to either have the coverage extended or enroll in a new policy.
Universal Life Insurance
Another permanent life insurance option with lifetime coverage is Universal life insurance. This plan is one of the most flexible when it comes to permanent life policies. Throughout the plan’s lifetime, there is the option to raise or lower monthly premium payments as the owner sees fit. It also features an investment savings element as it can accumulate cash value.
Find The Perfect Policy Today
Buying life insurance is an intimate process as you are deciding on how your family will be taken care of if something were to ever happen to you. Our team of experienced agents have helped thousands of clients through the enrollment and buying process and would love to help you as well. To schedule a free consultation with one of our agents, give us a call today at (440) 230-1223.