The Types of Life Insurance That Are Actually Worth Getting
Over 50% of Americans have a form of life insurance. Life insurance is a big business that brings in significant money each year. Over 830 companies offer packages in the U.S. alone!
There are beneficial life insurance types that provide security and benefits. Unfortunately, there are also packages agents are trying to sell that will not provide any value to you.
Continue to read to learn about the best life insurance policies and how they can be a smart investment.
There are three main life insurance types that are beneficial. Below we describe each one briefly.
Whole Life Insurance
Whole life insurance is a permanent plan that will provide security to your loved ones after your death. This package will last your whole life, unlike a term life policy.
Common benefits whole life insurance plans provide are funds for funeral and additional expenses related to your death, as well as providing financial support to your children, grandchildren, or great-grandchildren.
Whole life insurance often has more expensive premiums, but the benefits are excellent. These plans will offer the security your family deserves.
Term Life Insurance
A term life insurance policy also has its benefits. These packages are often more affordable. They provide protection for a certain agreed-upon amount of time. Terms are 10, 15, 20, 25, or 30 years.
The main goal of a term length policy is to ensure families have financial security if their main provider dies unexpectedly.
One notable feature of a term life insurance policy is the Return of Premium. This means that all money paid on premiums will be given back at the end of the term if the policyholder lives.
Term-length insurance packages also have living benefits, that can be helpful if the policy owner becomes chronically ill or loses their job. Rest assured, that many term life insurance packages can be renewed.
Universal Life Insurance
Universal life insurance is a whole life insurance policy with additional benefits. These policies are often more flexible. With a universal life insurance package, you can change your coverage if needed.
Additionally, you can create a cash value account. This will help you make even more money for your loved ones.
You can select a guaranteed age for the death benefit component of the policy. As an example, if you choose 100, you have guaranteed coverage until you turn 100 years old.
Often universal life insurance policies are more affordable than traditional whole life policies. The key downside is that if you do not pay for premiums, the policy will be withdrawn and you will have no assets to keep.
Select Life Insurance Types For Your Needs Today
Island Insurance Agency offers attractive life insurance types including whole life and term life policies. Acquiring life insurance is a great way to care for your loved ones after your passing.
With a whole life or term life plan, you can take comfort in knowing that you have provided a security blanket for your family.
The last thing you want is for your loved ones to experience a financial burden after you are gone. Life insurance plans are designed to provide reliable protection.
To learn more about our packages, please contact us today.