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Life

Term, whole life, universal, variable, key-person… there are several different types of life insurance in the world today, and new products are being developed all of the time.  How do you know which life insurance policy is the right policy for you?  We have the life insurance experts to help guide you through that process.

The truth is – there is no universal answer for which type of life insurance policy is right for you.  Each person requires something different.  Below are a few of the common types of life insurance products you will find in today’s market place:

Term Life

  • Coverage is only valid for a specific time frame or period
  • Rates can change after that time period expires
  • There is generally no “return” on your premium after coverage expires
  • Lower premiums for higher coverage

Whole Life

  • Will cover you for your entire life – also known as permanent insurance
  • Can build equity and cash value
  • Higher premiums than term, but could provide more valuable in the long run
  • Rates are generally fixed for life

So how do you know which policy to choose?  With products that combine both term and whole life policies (in addition to the products mentioned above), it’s difficult to fully grasp this always-changing market.  With many different reasons to buy life insurance (ranging from debt reduction, to final burial expenses, to estate planning), we hope the information below serves as a helpful tool to assist you in choosing the right policy.

Choosing Term

  • Generally done when you only need coverage only for a specific amount of time
  • Many times it’s purchased to satisfy a lending institution to ensure you will receive a loan
  • Sometimes purchased to ensure it will cover your final burial expenses until an estate plan is fully developed

Choosing Whole Life

  • Many times purchased as a cash asset for retirement years
  • Can be purchased to ensure that an alma matter or charitable institution receives a donation in memory of oneself
  • Purchased many times to gift money to children or grandchildren
  • Most commonly purchased to ensure that money will be available for estate transfers and final burial expenses, no matter what the age of death

Request a life quote today or contact our agents to learn more about life insurance.