Make Sure You Get Affordable Life Insurance That Covers It All
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What is Life Insurance?
It's important to have a life insurance plan so that you can have a more secure financial future. Whether you're getting started or about to retire, a life insurance policy can help provide your loved ones financial peace of mind if you are not there to provide for them. There are three main types of life insurance policies: term, whole, and universal.
Term Life Insurance and Whole Life Insurance
A term life insurance policy provides affordable protection that’s straight to the point. This type of policy lasts for a specific period of time. Term life insurance is typically the more affordable coverage option but it’s only a temporary one. It is meant to help replace your income if you pass away during the time that you are actively earning income. Your loved ones can use the death benefit to help pay for expenses like housing, childcare and groceries.
A whole life insurance policy can provide predictable protection that lasts a lifetime with the most guarantees (like a fixed premium and death benefit). These policies provide the amount of life insurance coverage that you buy at the beginning of the policy which stays the same throughout your lifetime. The cost is fixed and is based on your age when you purchased it. Another benefit is the money paid to your family when you die is usually income tax free!
54% of American adults have life insurance
40% of insured who wish they had purchased their policies at a younger age
Over 50% of Americans think that life insurance is more expensive than it is
Universal Life Insurance
A universal life insurance policy is similar to a whole life policy. This policy provides lifetime protection while building cash value with tax advantages. A universal policy also provides flexibility to raise or lower your premium within a set limit which can make it cost less than whole coverage. It offers less guarantees than whole life because if you make too many minimal premium payments then you may see your cash value growth and death benefit impacted.
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Secure the Future
Life insurance is an important part in securing the future for your loved ones. That is why it is important to get your coverage sooner rather than later.
Get an Affordable Life Insurance Policy That Covers What Matters Most
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