American Insure-All® can help with your life insurance in Monroe. Life insurance is one of those things that can be looked at from many angles. Of course, the original goal of life insurance was to cover your final expenses so that your loved ones would not be burdened with your obligations. It is still good for doing exactly that, but it can be used for so much more.
Life insurance comes in two main categories: Level term, which means that the death benefit remains constant throughout your life, and decreasing term, which means that the benefit slowly decreases during the term of the policy. As you might guess, these are usually targeted at different kinds of applications. In addition, each of these two types has sub-types, and each behaves differently. For example, whole life is a type of term insurance policy that pays a set benefit at your death. Meanwhile, however, your payments contribute to investments made by the insurance company, and you can borrow against the policy if you discover a need for cash. On the other hand, universal life insurance is a type of policy that is tied to a money market account. It does not guarantee a set payout.
Another insurance variable is the amount you are likely to pay for premiums. Term life is usually inexpensive for young people, but the premiums are likely to increase as you grow older. Level premium insurance will start with higher rates at the beginning, as compared to term life, but will remain the same throughout the time you have the policy.
American Insure-All® has your life insurance in Monroe, – just give us a call at 888-411-AUTO. Our knowledgeable agents will be glad to explain your options so that you can select the policy that is best for you.