Life Insurance

The decision to purchase life insurance can be influenced by many different people: whether it is your spouse (who typically believes they will live forever and thus wouldn’t need life insurance), or your parents (who would like to protect their children from losing their college funds).

 

What Kinds of Life Insurance Are There?

Life insurance is often misunderstood by the general public. You might think that life insurance falls into one of two categories: term or whole. But the truth is there are many types of life insurance, each serving a specific purpose.

Here are four common types of life insurance:

  • Term life is the easiest kind to understand because it covers a temporary income in case of death or an accident. For example, if you were going on a biking trip and were worried that something might happen to you, then you might purchase term life insurance.
  • Level term insurance offers fixed payments for the entire length of the policy. So, if you choose to take out a level term insurance plan for 20 years, then you would pay the same monthly premium every month for the policy duration.
  • Whole life is more expensive than term life insurance because it also works as a savings account. Whole life insurance generally begins to pay out upon death or if the individual becomes terminally ill.
  • Universal life is a type of permanent life insurance that gives the policy holder more flexibility than other life insurance plans. It provides better cash value and does not have to be paid when it matures. Furthermore, premiums can also be paid flexibly unlike whole life.

Setting up a life insurance policy can be complicated, so it’s best to get help. Click the button below and let’s talk about what kind of policy you and your family need.

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