life Insurance

There are four main types of life insurance policies, and we hope this brief description will give you a better idea of what you’re looking for. Keep in mind, that one of our friendly and dependable insurance experts is always available to help you determine what kind of policy will best fit your and your family’s needs. 

Term Life Insurance: Term life insurance policies are by far the most common and generally most affordable type of life insurance. These policies cover you for a set amount of time, say 30, years, and are sometimes extendable, as with all life insurance, if you die during the “term” that your policy is valid, then a cash benefit will be paid to whatever family member or loved one you choose, who is referred to as a beneficiary. 

Whole Life Insurance: Whole life insurance policies are the next most popular type of policy that people invest in to provide for their families after they pass. These policies have an added benefit that term policies do not, Whole policies cover you for your “whole” life, meaning that they go from the time your policy becomes active, until the time your life ends.  In addition to this benefit, these types of policies have a cash value attached that is determined d at the time of purchase and grows throughout the years. As with all life insurance, the main purpose is still to leave your loved ones well provided for after you are no longer here to do that yourself.

Universal Life Insurance: Universal life insurance is similar r to the whole, however these types of policies are generally more expensive however their cash values grow more quickly and during the time that you hold the policy, you’re able to access those values for a variety of different reasons. Some choose to use it to pay the premiums on the policy, sometimes for large home improvements or to cover debts. As always, these policies will pay a cash benefit to your beneficiary at the time of your death.

Variable Life Insurance: Variable life insurance policies are generally used more as an investment tool and to meet other insurance needs. These types of policies can help with tax planning, as variable policies generally earn the most cash value over time. This type of policy still pays a benefit to your beneficiary at the time of your passing.