Insurance isn’t a one size fits all world, especially when talking about life insurance. We’ve talked about why you need life insurance now let’s talk about the kind that works best for you. If you missed the post about why you need life insurance, you can find that here.
The two main types of life insurance are known as permanent and term. Their names describe the product succinctly. Permanent also known as whole life insurance doesn’t have an expiration date. As long as the premium is paid the policy is in force until the insured person passes away. Term life insurance provides a specified amount of coverage for set time period. This is a description of permanent and term life insurance in a nutshell. Please keep in mind permanent and term are the two main categories of life insurance but, life insurance companies take the major types of plans and deviate them coming up with hybrid options. This is why it is good to shop for your life insurance with an independent agent such as Inman Insurance. An independent agency like Inman Insurance can shop with many different carriers and help find the plan that best fits your needs.
Why Choose a Term Life Policy?
Term life insurance is good when you need a certain amount of coverage for specified period of time. Premiums will vary on the length of the term, your health and the benefit amount. You have to ask yourself how much coverage is needed and for how long. Follow this link to use a life insurance needs calculator we trust.
Why Choose a Permanent Life Policy?
Permanent or whole life insurance is good when you know you need or want coverage for the rest of the insured’s life. Permanent life insurance does not have an expiration date. Initially you pay more premium for permanent than term, but as long as the policy premium is paid cash equity generally builds in the policy and a death benefit is in place for the rest of the insured’s life.
The Pros and Cons:
The pros and cons of each policy are numerous and generally do not apply to the actual policy, but rather how the policy would apply to your situation. You have to really take a look at your needs and what you can afford to pay or can’t afford not to pay in premium to protect the future or others or something.
At Inman Insurance we take great pride in visiting with our clients, understanding their needs and working with top life insurance companies to exceed their expectations. If you would like to visit with an agent at Inman Insurance, please call, email, text, or stop by one of our offices in Rolla, Salem, or Hartville Missouri. Ask to visit with Keith, Annette, or Katrina. There will be NO sales pressure. They will do their best to answer your questions.