Different Types of Life Insurance

There are two primary categories of life insurance: term life and permanent life insurance.
The key difference is in duration and structure.

Term life insurance provides coverage for a specific period In contrast, permanent life
insurance includes products like whole life, universal life, indexed universal life, and variable
universal life. These policies last for your lifetime and may build cash value over time.
However, they are typically more expensive than affordable term life insurance options.
Click here for sample average costs.. So many choices, how do you decide? That’s
where we come in, schedule a 15 minute no obligation chat to find out what is best for you

What Is Term Life Insurance?

Term life insurance is one of the simplest and most affordable ways to provide financial protection for your loved ones. When you buy a term insurance policy, you agree to pay a fixed monthly or annual premium for a specific duration –like 10, 20, or 30 years.The insurance company promises to pay a death benefit to your beneficiaries when you pass away during that term. Now,how do you find the best term life insurance policy. We begin with assessing your goals. What financial obligations would you want covered if you weren’t around? Are you supporting children, a spouse, or other dependents? Do you want to make sure your mortgage, student loans, or business loans are paid off?

To estimate your coverage needs, a common rule of thumb is to multiply your annual salary by 10. You may need more or less depending on your financial situation, assets, and future
plans. Click here to see Average cost of term life insurance by age

Keep in mind that cheap term life insurance doesn’t mean low quality. Some of the best term life insurance companies offer solid customer service, flexible policy options, and the financial strength to back up claims – sometimes at surprisingly low rates. In today’s market the consumer has a wide choice of options that cover more than just passing away earlier than you expect. What about unexpected life occurrences, such as stroke, heart attacks, dementia, make sure you ask.

What does life insurance cover?

Term life insurance pays out a death benefit if you pass away during the policy’s term. The funds can be used by your beneficiaries for any purpose: mortgage payments, college tuition, daily living expenses, or even investing in their future. Most policies cover death from illness, accident, and natural causes.

Other types of life insurance can be designed for a variety of reasons, such as tax free retirement income, estate planning and step down estate planning, so what are you looking to do, it’s worth 20 minutes to review. Call and set up a free consultation.

What doesn’t life insurance cover?

Your life insurance policy may not pay out if you die during illegal activity, participate in high-risk sports not disclosed during the application, or provide false information on your insurance forms.

Once you know how much coverage you need, you can begin comparing insurance quotes. It’s important to get multiple life insurance quotes to ensure you’re getting a competitive rate. All life insurance policies are based on the following personal factors:

Age and gender
Health status and medical history
Whether you smoke or engage in risky hobbies
Coverage amount and policy term

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