Term life insurance, whole life insurance, universal life insurance, variable life insurance, survivorship insurance…
the list and combinations seem endless. Do you know which type of life insurance policy is right for you? At Premiere Agency Network we can help. Our dedicated life insurance professionals in Alabama and Louisiana understand family and business needs for life insurance and can find the right plan for you.
Term Life Insurance Basics:
- Coverage for a “term” or period of your life.
- Lower premiums for higher coverage.
- No equity – cannot be used as cash value.
Whole Life Insurance Basics:
- Exactly like it says – permanent, not for a specific period.
- Protection carries with you your whole life.
- Builds equity and accumulates cash value.
- Higher premiums than term life, but can be more valuable in the long run.
- Premiums do not change
Universal Life Insurance Basics:
- Premiums can increase
- Builds cash value
- Offers premium flexibility
When to choose term life?
Most people choose term life to maximize coverage yet minimize cost for a specific period of their lives to protect loved ones or to repay debt in the event of death. For a homeowner with children it might make sense to have a term life policy to cover the mortgage and living needs until their children are old enough to provide for themselves – in this case the term would expire around the time your children move out. A business owner might use term life as key man insurance for owners or key employees.
When to choose whole life?
Whole life is designed to accumulate cash value in the long run while providing a limit of life insurance during the life of the insured. As cash accumulates, the owner of the policy can borrow against the cash value, for things such as college loans. Whole life has fixed payments that do not increase with time. Many times whole life policies will pay dividends – although not always.
With so many options many people find themselves overwhelmed when they review life insurance quotes. Let one of our life insurance professionals put together the right life insurance quote to meet the needs of you and your family – while fitting your budget. Contact Premiere Agency Network today for more information and get a free life insurance quote in AL or LA!