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When you apply for a plan, you will need to decide what type of protection best fits your needs. Here is an explanation of the different kinds of policies and what they can offer.
We can offer you quotes on a permanent offering, which provides a lifetime of protection. These products also have the ability to accrue cash value, so you can also use it as an investment vehicle. The cash value usually accrues on a tax-deferred basis, so you will not have to pay taxes on any earnings in the policy as long as the plan is in effect. Types of permanent life insurance policies include whole, universal, and variable universal life. We can offer you attractive pricing estimates on any of these policies. Here are some things to consider before you apply for a new plan from one of our trusted insurers:
- Permanent coverage is initially more expensive than term counterparts, but premiums never increase
- You may borrow against or withdraw from the cash value of the contract to assist with major expenses, such as college tuition
- If you cancel the plan, you get to keep the accumulated cash value
- This accumulation of policy receives favorable tax treatment
- Your beneficiaries will receive a death benefit plus the accrued amount of the policy
When you apply for a new plan, you will see that term products are the simplest, most economical type of coverage. This is temporary coverage that provides protection for a specified period of time, such as 10, 20, or 30 years. If you die while your contract is in effect, your beneficiaries would be paid a death benefit. If you are still living when it expires, your protection ceases unless you renew. This type of product does not accumulate cash value. Before you apply for this type of protection, consider the following:
- Term coverage is initially cheaper, but may cost more in the long-term because premiums will rise
- Most term policies allow you to convert them into a permanent solution at any time
- This is a good way to supplement existing coverage when you need extra protection
- Beneficiaries will receive death benefits tax-free
- Premiums might become unaffordable as you age
- These policies can usually offer the lowest rates available
Discover why you should get life insurance on the next page.