New to buying life insurance? Learn more about what it is, how it protects you and what your options are.
Life insurance is one of those insurances you hope you never have to use, but you are so grateful it is there when you need it most.
Life insurance policies, unlike most policies that protect you, actually protect your loved ones in case of your death. They pay out a lump sum payment upon insureds death. Generally this payment is income tax free but varies by policy.
What type of life insurance policies are there?
Great question! There are so many options for clients and it can get confusing fast!
The most common life insurance policies are term, permanent and final expense policies.
Let’s get into a little more detail about the benefits of each.
Term Life Insurance – This is typically the least expensive life insurance. It lasts for a preset number of years and then expires at the end of that term. Typical policy terms are 5, 10, 15, 20 and 30 years. This is great insurance for people with mortgages and/or children.
A person can purchase a lot of protection for relatively little money with a term policy, to plan for mortgage payoff, kids’ educations, and other large expenses should the worst happen too soon.
Permanent Insurance – These are typically known as whole life or universal life policies, or various forms of them. This insurance doesn’t expire – as long as premiums are paid the policy is in place. There are many variations to permanent policies and some offer living benefits, and other riders based on clients’ needs.
Final Expense policies can be purchased to cover the cost of funeral, burial, cremation and other final expenses.
Our company works with a large number of life insurance underwriters and we can help even those hard to insure find a policy to fit their needs, even those aging have options.
The type of life insurance that is best for you depends on a variety of factors, including how long you want the policy to last and how much you want to pay.
Contact us to discuss your options and to get competitive quotes on life insurance.
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