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Life insurance can help protect your family members after you pass. It’s fairly simple: you choose a policy, pay the premium, and your family receives the death benefit after you have passed. This offers your family some financial protection in your absence. It can get a little complicated, so read on to learn more.
There are four main types of life insurance. These include term, whole, universal, and final expense.
We are committed to helping you realize your health and financial goals by making you aware of all your options so that you can make the best choice for yourself and your family.
In a term life policy, your family will only receive the death benefit if you pass away during the predetermined term. The most common terms are 10, 15, 20, and 30 years. Term life is the most affordable option for most people, but the catch is that your family will not receive anything if you do not pass away within the term. For example, if you buy a policy valued at $250,000 for a 30-year term, your family will only get the $250,000 if you pass away in those 30 years. The premium you pay stays the same for the duration of the contract.
A whole life policy is more expensive but is permanent. This means that as long as you pay your premiums, the policy is guaranteed for your entire life, and your loved ones will receive the death benefit regardless of when you die. These policies also offer different investment opportunities.
Like whole policies, UL policies are also permanent and offer different investment opportunities. You can choose how to invest the cash value of the policy.
The cheapest option, a final expense policy, is a small, whole life insurance policy designed for people who cannot afford or qualify for a regular life insurance policy. The death benefit typically ranges anywhere from $2,000 to $50,000.
Qualifying for a life insurance policy depends on which type of policy you want. Typically, most policies require medical underwriting and your premium will depend on several factors, including age and health.
To learn more about what type of policy is right for you, give us a call today!
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