Your Guide to Life Insurance! Learn How to Compare Policies
Keep your family safe by purchasing the right life insurance.
Life insurance is a vital aspect to your family’s future. When you pass on, you leave behind all your financial responsibilities. From debts to mortgage payments, all your financial obligations are transferred to your loved ones. Rest easy knowing that they’ll be covered with the right life insurance policy. However, with so many different kinds of policies, picking the right one for your needs is essential. Check out our guide to life insurance to help you compare policies.
Term Life Insurance.
Pros: Term life insurance gives you the coverage that you need at a set rate. It’s guaranteed for the amount of coverage that you take out. Additionally, term policies tend to be more affordable than permanent policies.
Cons: Term policies are only valid for a set period of time. Once the term has ended, the policy is no longer effective. If you outlive your policy, you’ll have to take out a new one.
Whole Life Insurance.
Pros: Whole life insurance is a type of permanent life insurance. Once you take out a policy and decide on your coverage limits, your policy is guaranteed for life. Additionally, a whole life insurance policy also acts as a type of investment account. You’re able to build cash value as well.
Cons: Once you commit to the policy, you’re locked in. If you want to make any changes to your policy’s coverage, you have to cancel the policy and take out a new one. Additionally, it’s more expensive than a term life insurance policy.
Universal Life Insurance.
Pros: Universal life insurance is another type of permanent life insurance. It builds cash value, and it gives you life long protection. However, unlike the whole life policy, the universal policy is more flexible. Under this type of policy, you’re able to make changes to your coverage and your premiums.
Cons: Be careful with your universal life insurance, as your death benefits aren’t guaranteed. To qualify for your death benefits, there are certain conditions that must be adhered to.
Give yourself peace of mind knowing that your family is protected with the right life insurance. The professionals at Club Agency Insurance Brokerage can help you with all your insurance needs! Located in Garden City, New York, contact us for more information.