UNDERSTANDING THE DIFFERENT TYPES OF LIFE INSURANCE
Term life insurance offers:
- Guaranteed coverage for a specific amount of time or to cover specific financial obligations
- Affordability and payments guaranteed not to change
- An addition to a work-provided life insurance plan
- Short-term coverage for debts or other needs
- Provide for loss of income
- Offer protection to help pay off a mortgage or college loans
Basic Term Life – paid by your employer for a set period to provide your beneficiaries plenty financial support.
Supplemental Term Life – paid by you as the employee to allow you to purchase coverage as needed according to your situation in life.
Dependent Term Life – Provides coverage for your spouse, partner, or eligible children.
Mortgage Term Life – Provides funds to help pay a mortgage in the event of a premature death. The death benefit begins decreasing after 5 years of coverage, earning it the name “decreasing term” policy.
You can also get Child’s Life Insurance through your Term Life plan. Many find having life insurance for children is very beneficial because it locks in a child’s ability to qualify for more life insurance later. It also provides much needed savings and funding for expenses later down the road.
GET THE RIGHT TERM INSURANCE FOR YOU AND YOUR FAMILY’S UNIQUE NEEDS
Get professional assistance from an independent agent who cares. We’ll find you a personalized solution based on your needs and goals.