Different Types of Life Insurance

Term Life Insurance: This type of life insurance protects you for a specific amount of time, usually up to 20 years. Because it’s a fixed time limit, this option is generally less expensive than other policies. If you choose to start out with term life insurance, some companies allow you to convert your policy to permanent insurance. This gives you options to change your policy as your needs in life change.

Whole Life Insurance: Whole Life or Permanent, Insurance covers you for the duration of your life, no matter how long you may live. Premiums must be paid or the policy will be canceled. This type of insurance has the ability to build cash value and can be viewed as an investment opportunity.

Universal Life Insurance: Another permanent insurance type, universal life insurance also builds cash value. This insurance differs from whole life because of flexible premiums, and any cash value amounted earns an interest rate.

How Life Insurance Works

Life insurance pays out to your listed beneficiaries when you die. When choosing a policy that meets your needs, you have to consider the financial needs for those you leave behind. If you’re single with no children, a policy with a smaller payout is most likely all you need for your family to cover any debts and burial costs. If you are married with children to provide for, you may need a much larger amount of coverage to help them live after you’re gone. Your mortgage, college tuition for children, health problems of loved ones, and retirement concerns are all areas to consider when choosing the amount of coverage you need. The more coverage you have, the higher your premiums will be so your life insurance policy needs to fit into your budget as well.

Living Benefits

Some insurance policies allow you to take advantage of benefits while you are living. Many policies offer investment opportunities and accrue a cash value. You can borrow money against that cash value to pay for college, to buy a house, or a car, etc. This gives you another option for loans while providing the peace of mind that should the worst happen, your family is taken care of.

Determining which type of life insurance fits your life best can be difficult. Fortunately, Landmark Risk Management and Insurance is here to help! At Landmark, we take your need seriously and will work with you to find the best policy that protects your family and fits your budget. Our experts are here to help you make sense of all the many different options and jargon, giving you the confidence you need when choosing life insurance. Get started with us today, and get the peace of mind you’re looking for!

Planning for the Future 

If you haven’t thought yet about life insurance, now is the time. Even if you’re young, healthy, and live a safe life, you need to prepare for the worst scenario. Who will provide for your family if you suffer a freak accident or contract a rare disease? Life is unpredictable, and you need to make sure your loved ones are taken care of.

Different Types of Life Insurance

Term Life Insurance: This type of life insurance protects you for a specific amount of time, usually up to 20 years. Because it’s a fixed time limit, this option is generally less expensive than other policies. If you choose to start out with term life insurance, some companies allow you to convert your policy to permanent insurance. This gives you options to change your policy as your needs in life change.

Whole Life Insurance: Whole Life or Permanent, Insurance covers you for the duration of your life, no matter how long you may live. Premiums must be paid or the policy will be canceled. This type of insurance has the ability to build cash value and can be viewed as an investment opportunity.

Universal Life Insurance: Another permanent insurance type, universal life insurance also builds cash value. This insurance differs from whole life because of flexible premiums, and any cash value amounted earns an interest rate.

How Life Insurance Works

Life insurance pays out to your listed beneficiaries when you die. When choosing a policy that meets your needs, you have to consider the financial needs for those you leave behind. If you’re single with no children, a policy with a smaller payout is most likely all you need for your family to cover any debts and burial costs. If you are married with children to provide for, you may need a much larger amount of coverage to help them live after you’re gone. Your mortgage, college tuition for children, health problems of loved ones, and retirement concerns are all areas to consider when choosing the amount of coverage you need. The more coverage you have, the higher your premiums will be so your life insurance policy needs to fit into your budget as well.

Living Benefits

Some insurance policies allow you to take advantage of benefits while you are living. Many policies offer investment opportunities and accrue a cash value. You can borrow money against that cash value to pay for college, to buy a house, or a car, etc. This gives you another option for loans while providing the peace of mind that should the worst happen, your family is taken care of.

Determining which type of life insurance fits your life best can be difficult. Fortunately, Landmark Risk Management and Insurance is here to help! At Landmark, we take your need seriously and will work with you to find the best policy that protects your family and fits your budget. Our experts are here to help you make sense of all the many different options and jargon, giving you the confidence you need when choosing life insurance.

Contact us today, and get the peace of mind you’re looking for!