Different Types of LIfe Insurance

Life insurance is a scary conversation to have with both yourself and your loved ones, but there’s no need to stress over life insurance! Life insurance is put in pl ace as a safety measure for your loved ones, but having it doesn’t mean you are going to need to use it any sooner! In fact, buying a life insurance premium sooner while you’re young and healthy actually will help save you money in the future! A few factors that go in to determining cost like age, gender, occupation, and area you live. There are two different traditional life insurance policies, we’ll dig in a little deeper on both!

Term Life Insurance is the most common type and only pays out if death occurs during the term of the policy, this is generally one to thirty years. The two types of term insurance are level term and decreasing term. Level term means your benefits stay the same for the entire term of the policy. Decreasing term means your benefits lessen over time, generally in one year increments, throughout your policy.

Whole life insurance means your benefits will pay out no matter when death occurs. Whole life insurance has many different types and levels. We’ll go through the most common, but if you want more information contact Sean the Insurance Guy to walk you through other options!

The most common form of whole life insurance is when the benefits and the premiums stay the say for the length of the policy. This helps save money in the future. While it may make sense in the early years for premiums to be less and to gradually increase, this would make it impossible for most people to be able to afford life insurance in later years. So while in early years you may pay more than you need, it helps counter the costs later on.

Now is the time to discuss life insurance policies. They are crucial in making sure your family is covered should you pass away. If you’re ready to discuss life insurance, contact Sean the Insurance guy today for more information and a no obligation quote.