Having the right type and amount of life insurance can help to protect you and your family in many ways. It is important you are careful in making a choice on your policy, so your family will be provided for and your final expenses will be covered. Through these tips, you can learn more about the different types of life insurance policies available, so you can make an informed choice for your coverage needs. Through life insurance Topeka KS, you will not have to worry about the needs of your family when you are gone.
What are the Main Types of Life Insurance?
* Term life insurance — A term life insurance policy covers you for a set amount of years. You can typically purchase these policies in ten, twenty and thirty year. A term life insurance policy covers you for the amount of years you purchase it for, as long as you keep your monthly premiums paid. In some cases, you can purchase an annual renewable term life insurance plan, where you must renew your policy each year.
* Universal life insurance — This type of life insurance policy is a combination of a term and investment life insurance policy. The policy can be purchased for a set number of years of coverage and works as an investment policy, gaining cash value over time. The rates on this policy typically change over the life of coverage.
* Whole life insurance — A whole life policy covers you for a set amount of money that will be paid out to your family upon your death. This policy gains cash value and can be borrowed against. The premiums paid on this policy will typically stay the same, but will depend on the type of coverage you have chosen.
Though no one wants to consider their passing, it is important for everyone to be prepared. Having the right amount of life insurance coverage will help to pay your final expenses and can take care of your family’s needs. This will take a big burden off of you, in knowing your family’s needs will be taken care of. For more information, visit Corporate Plan Management and find out how they can assist you with your insurance needs.
