Term Life Insurance
Term Insurance is a type of policy that last for a specific period of time and often times is the least expensive option. However, you’ll want to consider the amount of insurance you need and the length of time you’ll need to be covered with this type of policy. Term Life Insurance is also an effective way to buy large amounts of coverage because of its cost effectiveness. This type of policy can be good for family’s that have children and a mortgage(s) or business owners looking for policies that will last for a specific period of time.
Whole Life Insurance
Whole Life insurance policies are permanent plans, that offer guaranteed benefits, cash value and premiums. As long as you pay the premium, you are guaranteed the death benefit and cash value listed in the policy. These policies are great for those looking to lock in long term coverage at a guaranteed rate.
Final Expense Whole Life
Similar to Whole Life policies, however, they offer lower benefit amounts typically between $5,000 – $25,000. What’s better is they are easy to apply for, requiring no exams. Simply answer a few questions with an agent to determine if you are eligible. These policies are offer for people between the ages of 50 – 80.
Universal Life Insurance
Universal Life Insurance are permanent insurance policies that offer flexibility on length of coverage, payment flexibility and benefits that increase over time. Also, many universal life insurance policies off additional benefits that you can add, such as Long Term Care riders. Those additional benefits makes these policies more of a 2-for-1, covering both your life and giving you some additional protections while your living.