Life Insurance Options

Choosing the right life insurance policy starts with understanding your needs and knowing the differences between the types of policies available: term life, universal life, and variable life. Once you do, you can choose the best option for your family.

When you’re ready to buy we can provide the information you need to make an educated choice. And you may be surprised at how affordable a personal life insurance policy can be. Get an estimate and see for yourself.

If you have questions about life insurance policies, you can talk to us to help you build a personal life insurance policy, provide guidance on how to get life insurance, and figure out how much life insurance you need.

How much life insurance do I need?

A mistake that we often see people make is basing their life insurance coverage on a guess, or just grabbing a number out of thin air without realizing what the impact of inflation could have on their life insurance proceeds.

One of the benefits of working with an independent agent like us is that we can sit down, and through a comprehensive needs analysis, determine the exact amount of coverage you will need to protect the people who depend on you.

The amount of coverage you need depends on a number of different variables. Here are a few examples:

• how many children you have
• your future earnings potential
• whether or not you’re married
• spouses future earnings potential
• you and your spouses age
• amount of debt you have

What is term life Insurance?

A term life policy is purchased to last for a specified period, such as 1, 5, 10, or sometimes as much as 30 years. Coverage expires when that period ends–hence the name–and therefore, a payout only happens if the insured’s death occurs during the specified period. If the insured person outlives the original policy period, coverage renewal may be an option, but the premiums may be higher.

What is permanent or whole life insurance?

Permanent life, often called whole life insurance or cash value life insurance, provides coverage for the insured person’s lifetime as long as premium payments are in good standing. Unlike term life, these policies may build cash value, which a policyholder or their heirs can access under certain conditions. Premiums, as a result, can be higher than for term life policies. Whole life products include several subcategories, including real traditional life, universal life, variable life, and variable-universal life.