Do You Need Life Insurance?
If all goes to plan, you'll raise your family, grow old with your spouse, and enjoy a long retirement. But life doesn't always go according to plan. Fortunately, you can plan for that.
Life Insurance Offers
- Compensation for Beneficiaries.
- Funeral Coverage.
- Peace of Mind.
Types of Life Insurance
With term life insurance, premiums remain at a specified rate for an agreed upon period of time. Usually, this amount of time is 10-30 years. After this time, your premiums will increase. There is no cash value and this option gets more expensive as you age.
This is a fixed premium and you're insured through your entire life. This type of life insurance will accumulate cash value that can be accesed for a variety of reasons while you're still living.
Similar to whole life, universal life insurance offers a fixed premium and insures you for your whole life. It als has an accessible cash component to it. The key difference is you can change your policy as needed to meet your changing needs.