POLICIES FOR LIFE
We all want our loved ones to be taken care of should the unexpected happen; however, to accomplish this, it’s important to have a plan. There has never been a better time than now to update your current policy and/or finally take the steps necessary to help ensure your family is protected.
There are various types of life insurance policies available on the market to meet your needs, making it affordable for anyone to have a life insurance policy they can use to protect the ones they love. Let’s take a closer look at a few of the different types:
- Term Life Insurance This type of insurance is popular because premiums are very low and the death benefit tends to be very high. How it works is you pick how many years you want the policy to cover you i.e., a 15-, 20- or 30-year term. If you pick the 20-year term, you’ll pay a premium every year for those 20 years, guaranteeing yourself a certain amount of coverage. The payments can be made annually, bi-annually, quarterly or even monthly. Once those 20 years are up, the policy is finished, and should you want another policy, you would have to re-apply.
- Whole Life This type of insurance is a great fit for folks looking for a permanent product to help cover their final expenses and eliminate the burden on their loved ones. These types of policies tend to have a slightly higher premium; however, these individual policies build a cash value that can be used for loans or to make premium payments, and the coverage lasts for a lifetime, as long as premiums are paid. Many people like this insurance because it never ends, meaning they won’t have to re-apply as they grow older.
- Universal Life This type of insurance offers some of the same features of both whole life and term life policies. Its premiums tend to be more in line with the amount paid for term insurance, but it also builds cash value like a whole life policy. You’re able to use any existing cash value to pay premiums and you earn interest on any cash value that remains in the account. It’s important to note there are several variations of universal life policies and all of them have their own unique benefits and features.
If you don’t currently have a life insurance policy or are looking to update your current policy, L&L Advisors offers complimentary consultations on all of the insurance products we offer. If you already have existing life policies and would like to know if they’re the best policies available, stop by the office or call and make an appointment for a complimentary review. You may be eligible for an updated policy with enhanced features and benefits.