Finding the right life insurance policy doesn’t have to be hard with this guide.
Life insurance is one of the most important policies that you can invest in since it will provide financial stability after you pass away. Finding the right life insurance policy can be harder than you expect due to the many different types of policies. Use this simple guide of life insurance types to help you find the right policy that meets your needs.
Term life
Term life insurance is meant to provide coverage for a specific amount of time, typically 10 to 30 years. Premiums for term life coverage are very affordable and lower than most other types of coverage. If you pass away during the term of the policy, your beneficiaries will receive the death benefit, or payout. If you outlive the policy, there will be no death benefit provided.
Whole life
Sometimes known as permanent life insurance, these policies are meant to provide coverage for your entire life. The premiums stay the same throughout the duration of the policy. Whole life insurance policies have the ability to build up a cash value that you can borrow while you are alive.
Universal life
These policies are a combination of both term and whole life policies. They are able to build up a cash value like whole life policies, while still maintaining low premiums like term life policies do. You have the ability to alter the death benefit, premiums, and savings element throughout the life of your policy to best meet your needs.
When looking for the right life insurance policy that will best meet your needs, contact Donald Weiss Insurance Services. As an independent insurance agency in Santa Monica, California, we will help you find the perfect policy for your specific situation, all at the right price to fit your budget.