Life Insurance
Securing life insurance can often feel like a tedious and unimportant task, but it is one of the most important things you can do! Life insurance is commonly used to pay off remaining debts, leave money for your children’s education, or continue a family business in the event of an unexpected tragedy. Having a safety net for your loved ones will provide you peace of mind and protect what matters to you most. Products typically fall into two categories of life insurance, term and permanent.
Term Insurance
Term insurance consists of a set period of time you will be covered under your policy, commonly 10-, 20-, and 30-year terms. It is generally the least expensive form of life insurance coverage and will get you the greatest amount of coverage for each premium dollar spent. Term insurance does not build up any cash value for future use and will only be paid out in the event of the insured’s death. There are several riders and conditions that can be added on to a term policy.
Permanent Insurance
Permanent insurance can take on several different forms, such as universal life, variable universal life, and whole life coverage. It provides long-term financial protection that includes a death benefit and often some type of cash/savings value. Because of the extra value, premiums are generally more expensive than term insurance. Premiums can be fixed or even flexible in some policies, but as long as the policy does not lapse, the insurance company cannot change your premiums due to any health issues that may arise after the policy is already in force.
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