Many individuals go their whole lives without life insurance, and many realize a little too late that they need it, especially as they approach retirement age and beyond. Trying to find life insurance in your 60s and 70s is much harder than in your 20s or 30s. If you are considering life insurance, the time is now – regardless of your age. To learn more about the different types of life insurance and to learn about your options, call an experienced life insurance company in Maple Valley today to find out which type of life insurance is best for you.
Life Insurance: The Basics
To put it simply, a life insurance policy is a “contract” with an insurance company, which determines that the insurance company will provide financial coverage – in the form of a lump sum “death benefit” – in exchange for regular premium payments.
The different types of life insurance include term life insurance, permanent life insurance, whole life insurance, and universal life insurance. So which one is right for you? You may benefit from one type of policy compared to another, all of which depends on the individual’s or family’s situation.
Here is a quick breakdown of the most common types of life insurance:
Term Life Insurance – Term life insurance can be a source of income used to help individuals and families while one spouse or partner finds work or pays off a substantial debt for a specific amount of time. It’s also important to note that life insurance benefits are provided to an individual in one lump sum.
Permanent Life Insurance – Permanent life insurance provides a lump sum, or “death benefit” to a surviving family, spouse, children, and any beneficiaries, permanently – or for life. This type of life insurance is one of the most common as it helps provide financial coverage long after one passes away.
Universal/ Whole Life Insurance – This type of life insurance is commonly used as a vehicle in an estate planning strategy and can even be a long-term income source. These types of policies also ensure that the wealth and estate be transferred to beneficiaries upon an individual’s death.
For more information on whole life insurance company, company ratings, life insurance policy, contact your local life insurance company in Maple Valley. Call American Insure-All today at (888)411-AUTO for a free quote and to get started!