April 28, 2017

Make Sure You Know Your Options.

Life insurance is an absolute necessity when protecting your loved ones. But understanding and purchasing the right policy for your needs can be challenging. Most often, buyers don’t take into account their life stage, their health or the unique benefits of each type of policy before purchasing.

Most policies fall into two categories: term life insurance and whole life. If you’re buying a policy for the first time or are looking into other options to protect your family, it’s important to educate yourself about these two distinct options.

Term Life Insurance

This type of policy provides protection for a specific period of time, with terms ranging from 10, 20 or 30 years of coverage. Although term life policies generally have the lowest premiums, they only guarantee payment of death benefits if you pass away within the term. These policies usually have set premiums and are good for young families that need coverage for a specific span of years. Even though these policies are cost effective, if you outlive your term you may be subject to higher premiums due to age and declining health.

Whole Life Insurance

If you want lifelong protection, then whole life insurance might be the right option for you. Whole life policies are among the most straightforward life insurance policies, with guaranteed death benefits, guaranteed cash values and fixed premiums throughout the policyholder’s entire life. If policyholders need extra funds, they can even borrow against the policy, withdraw money or surrender the policy in return for cash. Some whole life policies even provide dividends as an added benefit.

Your Next Step

Depending on your lifestyle, family, health and financial goals, some life insurance policies might fit your unique needs better than others. You might even find that a combination of both term life and whole life insurance policies are the right fit for your family. Nonetheless, simply having a life insurance policy is one of the best ways to ensure your family’s financial and personal well-being.

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