A personal life insurance program is a flexible planning tool that can be utilized to provide coverage for basic protection needs as well as financial solutions for resourceful personal planning strategies.
With the various needs, financial responsibilities, and unique opportunities to consider when it comes to purchasing a life insurance program on you and your loved ones, it's important to work with an insurance professional. There are two basic types of life insurance to choose:
- Term Life Insurance: This is a temporary form of life insurance. The premiums are level over the term period of your policy. Once the term has expired and should you wish to continue with the policy the cost will increase. The longer the level term time period the higher the cost will be when you renew. This type of policy is great for folks that need a larger amount of protection for a limited time such as a mortgage, spouse who may need additional income if you pass, or small children dependent on your income.
- Permanent Life Insurance: This type of life insurance generally lasts a life time, will not expire nor will the cost change because your got older. These policies most often build cash value that, depending on the type of permanent policy, can significantly create cash value that can be used though out the life of the policy. These types of policies are great for those folks that want guarantees. That is a guaranteed death benefit regardless of age, savings for college funding, supplemental retirement growth, to name just a few.
Below are some ways life insurance can play a significant roll in your life:
Mortgage and Debit Protection
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