The team at Professional Insurance will do an assessment that helps them determine that answer and provide you with recommendations on coverage options. Some of the most common options are listed here:
This is the most basic type of life insurance. Term insurance provides life insurance coverage for a specific period of time. A buyer should consider the face amount of protection, the amount of the premium to be paid by the insured and also the term (length) of the coverage.
Whole Life Insurance
Whole life insurance is a permanent life insurance policy that offers a more consistent premium payment throughout the years of the policy, whereas a term life policy may be less during younger years and increase in price as you get older. A whole life policy also has a cash value, and the owner can access this through a policy loan (tax-free) throughout the life of the policy. There are several advantages to whole life insurance, including:
- Guaranteed death benefits
- Guaranteed cash values
- Fixed, predictable annual premiums
- Mortality and expense charges that will not reduce the cash value of the policy
Universal Life Insurance
Universal life insurance is similar to whole life, except the policyholder is offered greater flexibility in premium payments and the potential for a greater cash value. So essentially both the premiums and the death benefits are flexible.
Feeling overwhelmed and confused by the options? Interested in other types of life insurance policies you don’t see listed here? The team at Professional Insurance can help.