The Life Insurance Lowdown

Upon your death, life insurance financially protects the future your loved ones. It provides an immediate death benefit to the named beneficiary listed on the policy which in most cases is your spouse. Life insurance can be complicated so that's why our professional life insurance agents are standing by ready to help with any questions or concerns you may have. Check out the two primary types of life insurance policies listed below to learn more:

Term

This is temporary life insurance. You purchase coverage for a specific price that covers you the number of years you elect. If you die during that time, your beneficiary receives the value of the policy.

• Annual Renewable Term: The simplest form of term life insurance is for a term of one year. The death benefit would be paid by the insurance company if the insured died during the one year term. It's renewable at the end of each one-year term period with generally increasing premiums.
• Level Premium Term: A more common term life insurance policy is guaranteed level premium term where the premium is guaranteed not to change for a given period of years. The period terms are usually 10, 15, 20 and 30 years.

Permanent

As the name implies, permanent life insurance policies can provide coverage for your entire life and the premiums stay fixed regardless of age, health or lifestyle changes.

• Traditional Whole Life: A type of permanent life insurance, whole life covers you for your entire life and both the premiums and death benefit remain the same.
• Universal Life: This type of policy works overtime, as life insurance and an investment vehicle. You can choose to pay any amount over your premium, and the excess will be invested. Your earnings will be placed into a savings account, which you can use toward future premiums or allow it to grow.
• Variable Life: This kind of policy also has a cash value component and works pretty much the same as universal life insurance, allowing you to use your returns of investment to offset your premiums or to build up in your account. However, variable life offers a wider array of investment products, such as stock funds, and also a higher risk. If your investments don't perform, your cash value and death benefit could decrease.

Once you determine what type of life insurance policy is right for you, give us a call for a free life quote or shop online here. If you're unsure which policy will best suit your needs, give us a call for professional advice. We can help you determine the right life insurance policy at the right price with the right company. We partner with some of the nation's most highly trusted life insurance companies in the business.