Life insurance can be confusing.
It sometimes feels like an endless jumble of big words and cryptic abbreviations. Add on top of that how stressful talking about the loss of a loved one can be and you’ve got a topic that can seem unapproachable.
It just so happens to be incredibly important.
Life insurance is an essential line of defense for your family in the case of tragedy. It can give them the time and resources they need to grieve and make a plan for the future. But where should you begin? Here’s a quick guide to weighing and understanding your life insurance options.
Term Life Insurance This option provides coverage for a specified term or period of time (10, 20 to 30 years). It’s just pure life insurance and typically your premiums are lower the younger you are.
Universal Life Insurance (ULI) Universal life insurance is a relatively new insurance product that combines permanent insurance coverage with additional features. If the (ULI) is funded sufficiently, it may provide coverage for the duration of your life and depending on how you’ve structured your policy, there can potentially be a cash value. Keep in mind that if you decide to take out loans or withdrawals there may be fees associated with it.* Be sure to meet with an agent to discuss the specifics of a ULI policy.
Whole Life Insurance These policies include a standard death benefit coverage, and with cash value guaranteed on all premiums paid during an insured’s lifetime.** Critical illness riders may also be offered as part of a whole life insurance policy.
Finding the right life insurance policy can be difficult. Call me, and we can review your options to find Whole Life Insurance that’s a perfect fit for you and your family!