Have you been thinking about getting life insurance?
If you have anyone that depends on you financially, or if you don't want to leave your loved ones with burial costs or debt, then life insurance is a good way to begin. If you're just starting out and want to lock in an affordable rate for when you have a family, different types of life insurance can help with that too.
Whole Life Insurance
Whole life insurance is a permanent policy, which gives you guaranteed protection for your loved ones that lasts a lifetime. With whole life insurance, unlike term life insurance, you earn guaranteed cash value, which you can use however you want. Participating in whole life insurance makes you eligible to earn dividends, which can increase the death benefit and the cash value of the policy. There are also other options you could choose, such as using dividends to help pay premiums.
Term Life Insurance
If you’re sure you want life insurance, but aren’t sure you can afford it, a term life insurance policy may be a great option. Term life insurance is affordable and your premium payments remain the same for the amount of time that works best for you, such as 10 or 20 years. This way, you decide how long your loved ones need financial protection. And if those needs change, many term policies have the option to convert to a permanent life insurance policy.
Universal Life Insurance
Your life changes, so you need options that can help you keep up. A universal life insurance policy offers permanent life insurance with flexible premiums. This allows you to adjust the amount you pay each year – even month to month – as long as you have enough account value. You may also choose a policy with a guaranteed death benefit, which means your family is guaranteed to receive a lump sum of money in the event of your passing.
Final Expense Insurance
Losing a loved one can be an overwhelming experience with decisions to be made regarding funeral plans. Final expense insurance covers the funeral costs of the departed, which saves family members from the stress of a large expense. It is designed to pay out immediately. Rates never increase, and benefits never decrease. Most people can easily qualify, and is a more affordable alternative to life insurance.
Final Expense vs. Life Insurance
Similar to final expense insurance, life insurance also pays the beneficiary upon the death of the insured. However, there are significant differences between these policies. Life insurance often requires a medical exam and can be denied if an applicant has a preexisting chronic condition. A life policy is purchased for high dollar amounts, often beginning at $10,000, which makes the premiums higher.
There is no medical exam required for final expense insurance. Most applicants are qualified after answering a health questionnaire. The face value of a final expense policy is much smaller than traditional life insurance policies, which results in a lower premium.
Don't know where to start?
Give us a call and we'll help you find the best life insurance plan that fits your needs and even give you a free quote!