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Life Insurance: What You Need to Know When You are Shopping for Your Policies

Life insurance is a critical component of our insurance program that is often times overlooked. We tend to put purchasing life insurance on the shelf and say I will get to it someday. Part of our hesitancy may come from not knowing what types of insurance plans are available and what they mean for you. Today, we will demystify life insurance to help you gain a better understanding on the available insurance policies.

Term Life Insurance: Term insurance is essentially a policy in which you will be able to purchase a death benefit for a set number of years. These life insurance policies can typically be purchased for a period of 10 years, 20 years, or 30 years. At the end of the terms, the coverage expires and will no longer provide a death benefit.

There are generally three types of term insurance policies available.

  1. Level Term Insurance: On a level term insurance policy, your premium and your face amount will remain level through the course of the term. This means that your payments will stay the same and your death benefit will stay the same.
  2. Annual Renewable Term Insurance: These policies have a level face amount. As each year passes, the premium will increase. This is typically a coverage that one would purchase for a temporary need.
  3. Decreasing Term Insurance: The face amount on these policies will decrease as the premium remains level. This can be used for mortgage protection.

Whole Life Insurance is a life insurance policy in which the face amount or death benefit is paid regardless of when death occurs. As long as the premiums are paid, this insurance policy will pay out the death benefit. These policies build a cash value which can be used for a future need such as college planning, retirement planning, or for some other purchase or experience you are planning. Your premium payments will stay the same throughout the entire policy period. Accessing the cash value is typically done by taking out a policy loan.

Universal Life Insurance Policies are a type of life insurance policy that can provide some additional flexibility. On these policies, face amounts and premium payments can be adjusted. You have the ability to lengthen or shorten your premium payment period. You have the ability to lengthen or shorten the protection period as well.

This is a basic outline of the types of insurance policies that are available. When working with our team, we will uncover your needs and help guide you towards making the best purchasing decision for you and your family.

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