As we all grow older, we realize how important having a life insurance policy in place is to our loved ones that we will leave behind. There are various types of life insurance policies, and the life insurance agents at the Lana Insurance Center Inc. can help you determine which type is best for you and your loved ones.
Below is a list of the three main types of life insurance policies that you can choose from.
Term Life Insurance
Term insurance is the simplest type of life insurance, and it only pays out if the death of the person who purchased the policy dies during the period of time it is in effect. It usually pays a death benefit during the length of the term of the policy from one to thirty years. There are normally no other benefits of a term life insurance policy.
Whole Life Insurance
Whole life, also known as permanent insurance, will pay out a death benefit whenever you die. There are three major types of whole life insurance, including traditional whole life, variable universal life, and universal life. There are several versions of each of the three types.
Universal Life Insurance
Universal life insurance is a type of permanent life insurance that offers an investment-type savings account with it. It is one of the least expensive types of life insurance to obtain. Only the beneficiaries of the policy will receive the death benefit.
There are several other life insurance policies for you to choose from, including variable universal life insurance, guaranteed issue life insurance, accidental death insurance, medically underwritten term life insurance, simplified issue term life insurance, return of premium term life insurance, and permanent life insurance. The life insurance agents at the Lana Insurance Center Inc. can help you decide which type is best for you and your situation, so call for an appointment today!