Life Insurance will give you and your loved ones peace of mind ! …and the rates are great
The best time to get your Life insurance is the younger the better as premiums go up as you age and your health may decline , with Term Insurance your rate is locked in for the term of your policy for 10 , 20 up to 30 years , Term helps protect you during your prime years when a mortgage , income , children and just life in general are so important.There are many types of Life Insurance products available , with the most common being Term Life , Whole Life and Final Expense.
Term Life protects your family and loved ones financial security for a specific period of time , Term is less expensive than permanent or Whole Life , with fixed premiums from year one for the length of the policy. Some Term Life policies may have an option or rider that can make them convertible to permanent coverage so as to adjust to your changing needs.
Whole Life provides coverage for the life of the insured providing a death benefit , it also has a savings component where cash value may build up. These type policies are called permanent or traditional life insurance.The death benefit will be a set amount , and the cash value will build based on payments made in addition to the scheduled premium , the cash value that accumulates is a living benefit as it may have funds withdrawn at specified times as per policy or a loan taken against the cash balance , any withdrawal will reduce the cash value but will not change the death benefit.The cash value is not accessible the first few years of the policy.Whole Life is substantially higher than Term due to the savings component.