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Life Insurance

Term Vs Permanent

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  • Location 1

Service Description

What is term life insurance? Term life insurance provides coverage for a certain time period. It’s often called "pure life insurance" because it’s designed only to protect your dependents in case you die prematurely. If you have a term policy and die within the term, your beneficiaries receive the payout. The policy has no other value. You choose the term when you buy the policy. Common terms are 10, 20 and 30 years. With most policies, the payout — called the death benefit — and the cost, or premium, stay the same throughout the term. When you shop for term life: Choose a term that covers the years you’ll be paying the bills and want life insurance in case you die. Buy an amount your family would need if you were no longer there to provide for them. The payout could replace your income and help your family pay for services you perform now, such as child care. Ideally, your need for life insurance will end around the time the term life policy expires: Your kids will be on their own, you’ll have paid off your house and you’ll have plenty of money in savings to serve as a financial safety net. All of the best life insurance companies sell term life, so it’s easy to find rates. You can get life insurance quotes online. What is whole life insurance? Whole life insurance provides lifelong coverage and includes an investment component known as the policy’s cash value. The cash value grows slowly in a tax-deferred account, meaning you won’t pay taxes on its gains while they’re accumulating. You can borrow money against the account or surrender the policy for cash. But if you don’t repay policy loans with interest, you’ll reduce your death benefit, and if you surrender the policy, you’ll no longer have coverage. Although it’s more complicated than term life insurance, whole life is the most straightforward form of permanent life insurance. Here’s why: The premium remains the same for as long as you live. The death benefit is guaranteed. The cash value account grows at a guaranteed rate. Some whole life policies can also earn annual dividends, which pay you back with a bit of the insurer’s profit. You can take the dividends in cash, leave them in your account to earn interest or use them to decrease your premium payment With established relationships with numerous carriers, we can put together a reliable Family Insurance policy that offers the highest level of protection for you. Click to book a free estimate from one of our experienced consultants.

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