Taking care of your loved ones requires more than just planning for now. Life insurance offers you a way to ensure that your loved ones are protected if something unfortunate ever happens to you.
Given that your needs may change depending upon your finances and your circumstances, different types of life insurance exist. Understanding the purpose of these different types of life insurance will help you pick the most appropriate policy.
Universal Life Insurance: Flexible and Robust
Universal life insurance incorporates many options that make it possible to cover your life as your needs change. This allows you to acquire a plan while you are healthy, begin building your savings today, and protect your family in the future.
The main benefits of universal life insurance include:
The ability to accumulate tax-deferred savings
Flexible premiums that match your needs
Temporarily suspension of your payments
Variable benefits that align with your needs
Due to the way universal life insurance exists, it can provide a flexible and comprehensive way for you to keep your family protected.
Contact us if you desire to know more about the universal life insurance policies we offer, which includes the options that they include.
Term Life Insurance: Covering Periods of Your Life
Term life insurance is designed to meet your needs for a set period of time. This type of insurance provides coverage for a set period, which include durations of just one year, five years, ten years, or twenty years.
The major difference with term life insurance is that your policy only pays a death benefit when you die within the period that the policy has set.
Unlike universal life insurance policies, term life insurance must be renewed after it expires. The rates are generally much higher when you renew, but this does allow you to benefit from the highest death benefits to premium ratio.
Other unique attributes of term life insurance include:
Term life policies generally do not build as time progresses.
Certain restrictions about renewal exist.
Some term life insurance policies may not be able to be renewed due to certain conditions.
Make the Best Decision for Your Family’s Future
Life insurance policies are designed to protect your loved ones in the event that something unfortunate happens to you. While death is often the main concern, other events can occur that can leave you unable to work or even to function.
That means choosing the right insurance policy is essential to protecting your family’s future.
Contact us to learn more about the different life insurance policies we offer. Our goal is to help you understand the terms of our policies, which in turn will help you choose the best policy for your situation.