When the time comes for families decide to purchase life insurance, quite often they are experiencing a significant life-changing occurrence like marriage, beginning a family, or buying a home.
Whether looking for term or whole life insurance policies our partners will be able to provide you a competitive quote structured to fit the needs of your family in the years to come.
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It isn't fun to talk about, but life insurance gives your loved ones financial security after you're gone. You pay a premium for life insurance, and if you die, your loved ones get a death benefit they can use for things such as medical bills, funeral expenses, outstanding mortgage, college tuition and even living expenses.
Life insurance helps you plan ahead, so your family will be taken care of even if you aren't there for them. Typically, the cash received from a life insurance policy can protect a lot of what you have built and accumulated for your family.
- If your spouse or family is depending on your income for retirement, it can keep those plans in place.
- If you've got a mortgage or debts for items, life insurance can pay off that debt so your family won't lose those items.
There are different life insurance products:
- Term Life insurance lasts for a "term" you choose, usually 10, 15, 20, or 30 years.
You can usually convert a term life insurance policy to a permanent life insurance policy without getting a new medical exam.
- Permanent Life insurance is similar to Term Life Insurance except the policy is meant to last the rest of your life (as long as you make the payments). In addition, part of the money you pay into your permanent life insurance policy is set aside in an account where it can grow in value and you can use it later.
- Universal Life insurance is one type of coverage that is considered a permanent life insurance policy. This coverage is intended to stay in effect until your death, as long as the premium amounts are paid on time. This type may also be known as adjustable life insurance, and unlike term life with universal life insurance part of the premium that you pay is invested. Another difference is that after the initial premium amount is paid and the coverage is in effect your premium payments can be flexible.
- Variable Life insurance builds in value similar to a mutual fund.
- Whole Life insurance offers some benefits that term life does not, and whole life is intended to be permanent coverage which you keep until you die. The biggest difference in Whole Life insurance is that when you pay your premiums, part of this amount is used to pay for the insurance component of the policy. Some goes to associated costs and the rest is the savings component of the policy. With Whole Life you have the option of cashing out these amounts at any time, but doing so may end your coverage. There are many other advantages to a whole life insurance policy.
Disclaimer: Answers and comments provided are for information purposes. They are not intended to substitute informed professional advice. These responses should not be interpreted as a recommendation to buy or sell any insurance product, or to provide financial or legal advice. Please refer to your insurance policy for specific coverage and exclusion information. Please read our Terms of Service .
