Life insurance is most commonly known to be the insurance that ensures your loved ones are provided for after you pass. It can also have benefits for YOU before you die! Yes you, in the form of living benefits such as cash value accumulation, terminal, critical, and chronic conditions during your lifetime.
The two main types are:
• Term, which provides temporary coverage.
• Permanent, which provides coverage for the rest of your life.
Within both of these main types of life insurance are different types of policies.
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Term Life Insurance is the simplest form of life insurance. It provides affordable protection for a specific period of time at a scheduled premium level. Premiums may increase at the end of the term.
You choose a coverage level, a term (usually 10, 15, or 20 years) and name a beneficiary, that is, the person you want to receive the benefit if you die. If you die while your term life insurance policy is in force, the death benefit is paid to the beneficiary you chose.
At the end of the term, you can renew your coverage often at a higher premium, without having to provide evidence of good health. You can also convert it to a permanent life insurance policy which builds cash value and may earn dividends.
Term insurance can help you meet a number of personal and business needs and is often a good choice:
When life insurance is essential but dollars are scarce
For a well-defined period of time
To protect your family (insurance benefits can help pay a mortgage or fund a child’s education)
To protect your business (benefits can ensure business continuation by helping to cover business expenses)
We offer permanent life insurance by ways of Universal Life Insurance and Indexed Life Insurance. If we can say that term insurance is like leasing a car, then Universal Life (UL) Insurance is more like buying a car.
To put it simply, UL coverage is designed to be there for the rest of your life instead of a set period of time.
Indexed Universal Life is life insurance that can provide a death benefit, as all life insurance policies do, along with the potential to build cash value. To build cash value, you make payments beyond the cost of insurance.
That money is placed into accounts that can be credited interest and grow over time. The ability to build cash value is based on a financial index.
For most people, different times in their lives may require more coverage than others. Wherever you are in exploring how life insurance can help, several strategies can help you address your evolving needs and fit within your current budget.