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With whole life insurance, you’re covered for as long as you live. No need to worry about your premiums increasing, they’re set for the life of your policy. In addition to a guaranteed death benefit upon your passing, there are living benefits you may have access to while living. Your cash value account can build over time on a tax-differed basis.
When thinking about life insurance benefits it can be a difficult topic to broach, there can be some confusion due to the range of different types of policies, and policy options available. Term life insurance can be an affordable way to provide some financial protection for an isolated period of time. Term life insurance coverage is what it sounds like: life insurance for a specified policy term. This coverage allows you to choose a term of years up front, usually ranging from 10-30 years. If you die while the policy is in use, the insurance company pays death benefits to your named beneficiaries.
Universal life insurance is a type of permanent life insurance policy that is generally more affordable than other options. In addition to providing a death benefit, universal life insurance also provides flexible premiums and a cash value savings component. This can be used to supplement income and pay expenses. For many, providing an available source of income for grieving loved ones after death is a necessity.
Final expenses are the costs that arise at the time of death. Which usually includes bills associated with final medical expenses, funeral or memorial services, and the price of burial or cremation. This plan is a life insurance product which is designed to pay off major expenses families face upon the death of a loved one.
