Life Insurance Information
There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.
Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
There are so many new products that can fit any budget. Have you heard of the Return of Premium term policy, great policy, you pay for the term you select and then at the end of that term we give you a check back for all the premiums you paid into it, if you should die during the term then your beneficiary collects the death benefit. If you should develop a health issue that makes finding life insurance difficult at the end of your term you can opt to take the paid up life insurance instead of the return of premium.
In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time. We can now offer a final expense policy for those that may not be healthy enough to qualify for any other form of life insurance.
It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.
But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified and licensed life insurance professional. Here at Gilles Smith Purdum Insurance, we do a complete review to see what your needs are and then find the coverage to fit your budget. The key is to have protection for your family.
Below is a great calculator if you would like an estimate.
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