TYPES OF LIFE INSURANCE
Let us find the best Life Insurance policy for you
TERM LIFE INSURANCE - IS IT RIGHT FOR YOU?
Term life insurance has level premiums that last for a set number of years (the term). This life insurance includes a death benefit in the form of a lump sum of cash that’s paid out to a beneficiary by the life insurance company if you die while this coverage is active.
When beginning the process of obtaining life insurance; We make it easy for you.
Reviewing your priorities is the first step. The next factors to consider include;
how much coverage you need, and how much premium fit in your budget.
This comparison of Life Insurance types is the final step.
Whole Life Insurance
Whole Life Insurance offers permanent coverage.
Typical use:
"Final Expense"
for Adults, because monthly premiums don't increase and death benefit doesn't decrease.
These policies build cash value. Premiums are typically fixed and predictable.
This type of coverage is typically the most expensive.
Term Life Insurance
Term Life insurance
coverage only lasts for a preset number of years; 10 to 30. At the end of term, premiums increase.
Typical use:
Young adults, during "accumulation" years, by ensuring children are provided for in the event of death.
Most Term policies allow conversion to permanent policy before end of term.
This type of coverage is typically the least expensive.
Universal Life Insurance
Universal Life Insurance is the most flexible and there are two options:
Guarantee Universal Life; fixed premiums.
Indexed Universal Life
Higher cash value growth.
Typical uses:
Decreasing Death Benefit, tax-free retirement income, future tax-free college funding, and more.
These policies can be the most expensive, and most beneficial.
