Life Insurance
Life Insurance Options
Term Life Insurance
Term life insurance can protect you and your family from both accidental death and disabling injuries. There is a regular premium and a guaranteed benefit if you die within the set "term." The policy has no value if no claims are made during the term and is easily accessible and affordable, especially if you are young and in good health.
Term life insurance is:
- Adaptable: Life insurance quotes are based upon such factors as health, the term's length, and the amount of coverage. Thus, you can change the policy as your circumstances change.
- Comparable: Since the factors are straightforward, it is easy to compare among life insurance providers.
- Inexpensive and focused: Term life insurance is uncomplicated. You can concentrate on other important things.
Whole Life Insurance
This type of policy is beneficial for those who want to leave something long lasting to their loved ones. It has a variety of benefits which can be used to pay off debt, fund education, and much more.
- Policy lasts for the insured's lifetime instead of a set term
- The financial value grows over time ending with the final death benefit while a term life leaves you nothing after the term ends
- There is an option of cashing out a whole life policy early for a portion of the complete death benefit if you need the money
But if you cash out early, there are high penalties which diminish any money returned to you as a death benefit
Universal Life Insurance
- Is referred to as to as cash-value or permanent insurance.
- Universal Life combines death benefits with a savings plan or cash value.
- Considered hybrid insurance and high-interest savings which accumulate throughout the life of the policy and savings portion can be reinvested in the stock market, and the profits can be tax-deferred.
- During the early stage of the insurance policy, the bulk of the premium is devoted to savings, and as the policy ages, the premium pays for the insurance portion.
If you are seeking life insurance, please call DMV Insurance Agency Inc. for quotes and policies!
