There are four primary life insurance types, each having a place in any sound financial plan. The four variations of life insurance are:

Term Life Insurance – fixed premiums for a fixed period, like 10 or 20 years

Whole Life Insurance – permanent insurance, as long as premiums are paid, with fixed premiums and cash value benefits

Universal Life Insurance – permanent insurance with options to change premiums and death benefits

Variable Life Insurance – similar to Universal Life but with the flexibility to choose investment risks to maximize cash value benefit

Life insurance is essential, as it protects your family and lets you leave them a non-taxable amount at the time of death. It is also used to cover your mortgage and your loans, such as your car loan. In addition, your life insurance follows you when you retire, and your employer no longer insures you. This insurance will also replace your family income when resources are less and you are not around, so they can maintain their quality of life.

Once you understand the significance of purchasing life insurance, you must make the appropriate decision. To accomplish this, you must assess your demands and choose a product that is appropriate for your family as well as insurance rates that are within your budget. Then get in touch with us to learn more.