Life Insurance Coverage Options

It’s that time of year when turkeys start looking for life insurance… Does your family have adequate protection? We have life insurance coverage options to cover your entire family, as well as your children!

Life insurance is not one-size-fits-all. Everyone’s needs, wants, budgets, and goals are different. However, you can get a good estimate of how much of a death benefit your family will need to maintain their life style. Consider things like your mortgage, monthly bills, taxes, education expenses, and debts. Ideally, the coverage amount should be large enough to meets the needs of all those who depend on you.

 

Types of Life Insurance Coverage

There are two different types of life insurance: term and permanent. Term life insurance has guaranteed level premiums for a fixed policy term, usually 10, 20, or 30 years. The premium will likely go up if you maintain the policy after the initial term is up. This type of policy is a great option for those on a budget as it generally is more affordable than permanent policies. It’s also go for those with immediate financial concerns, like a mortgage or a child heading off to college.

 

Permanent life insurance provides coverage for the rest of your life, as long as premiums are paid. Permanent life policies are one of two main policy types: whole and universal.  Whole life insurance policies has permanently level premiums and can also generated cash value that can be borrowed against. Universal life insurance is a much more flexible option. You can adjust size of the premium amount, benefit amount, and accumulation portion, within the policy limits. You can even build up cash value to pay your future premiums!