Protecting your family’s future (Life Insurance)
Are you still deciding what’s the best type of life insurance for you and your family? There are many options to pick from that may suit you and your family’s needs. Learn more about the different types of life insurance to help protect you and your family today.
TYPES OF LIFE INSURANCE COVERAGE:
Term Life
A term life policy is one of the simplest and most affordable policy families can purchase. You can typically purchase coverages for a term of 5-30 years in increments, providing financial protection for you and your family. If you pass away, your family will receive a death benefit. Some policies may allow extensions or renewals.
Whole Life
Whole life coverage provides you lifelong coverage. Your loved ones will receive a death benefit regardless of when you pass. Unlike a term policy, a whole life policy builds cash value that grows over time tax-deferred. With this cash value you build over time, you can take a loan from your policy or withdraw from it. Not only is a whole life policy a long-term financial asset but also a safety net for you and your family. Premiums remain fixed through the policy life. Whole life policies typically carry a much higher premium than a term life policy.
Universal Life
Universal life also carries a cash value with flexible premiums. It works for people looking for a flexible plan that can adjust to their needs.
Variable Life
A variable life policy is tied to an investment account that carries a death benefit with accumulating cash value. This type of account requires hands-on management, and gains can be considerable if your investments do well.
Final Expense
This is also a form of a whole life policy with a smaller death benefit. The death benefit can range from $3,000 to $35,000. The purpose of this policy is to offer affordable coverage to older individuals to help cover after-death costs like funeral costs and any outstanding medical bills. It operates like a whole life policy.
Which type of life insurance is right for you?
Final expense or burial insurance
Designed for seniors, offering a smaller whole life coverage for funeral and end-of-life care expenses. It’s a great option for those looking to relieve loved ones of the financial burden associated with their passing.
Term Life
This option is best for single individuals or families looking for affordable temporary coverage. It’s a great option for those with financial obligations like a mortgage, new parents, or people with dependents. You’ll receive financial protection during your prime earning period to cover you and your family with lower premiums for a set period of time.
Whole Life
Lifelong coverage with the benefit of building cash value in case you need to borrow from it in the future. Best for those looking for lifelong coverage with consistent premiums with a tax-deferred asset you can access during your lifetime.
Universal Life
Provides permanent coverage with flexibility. Perfect for those looking for premium flexibility and death benefit changes over time and still building cash value.
Variable Life
You get the best of both worlds with an insurance policy and an investment. Great for those looking for higher returns and comfortable with managing risk. You also have the security of a death benefit
Why trust us?
Reach out to us today to discuss your life insurance needs with one of our trusted professionals. We can be sure to help you find a policy that fits you and your family’s needs. We can Taylor a policy and provide you all the information you need to make the right financial decision.Safeguarding your tomorrow is what we do at Nation One. Contact us today!
