
There
are many types of life insurance available. The most common
include:
*
Low Cost Term Insurance
*
Universal Life Insurance
*
Whole Life Insurance
Any
of the above types of life insurance can be used for your
personal, family, estate, or business needs.
*
Whole Life Insurance is the most expensive. By
paying a premium specified in the policy, this type of insurance
guarantees that your coverage will stay in force for the
rest of your life. Whole Life Insurance builds cash values
that can come in handy should one have an emergency and
need to borrow cash values at a low interest rate.
*
Universal Life Insurance is less costly than whole
life insurance. It is a form of permanent life insurance
characterized by its flexible premiums. Like whole life,
universal life builds cash values. The cash values in a
universal life policy help off-set the higher cost of insurance
as one grows older. This allows for a lower premium structure
than whole life since cash values are used to keep one's
premium lower throughout the life of an insured, assuming
interest rates stay above a certain rate and mortality rates
stay the same.
*
Term Life Insurance is the least expensive. This
type of insurance is for a specified period of time, for
example, 10, 15, 20, or 30 years. Term life insurance is
convertible to a whole life or universal life plan in most
cases if converted before age 75. This provides one with
flexibility as one's situation changes or as one gets older.
What
type and amount of insurance is best for you?
The
amount and type of life insurance you select should be dependent
on your personal and financial needs. We can assist you
in determining the appropriate coverage amount and help
you decide on which type of life insurance is right for
you.
Call
us or stop by next time you're in the area and we'd be happy
to give you a No Obligation Quote or fill
out our on-line quote request form.
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