What Policy is Best for You?
Whole Life Insurance
Whole life insurance is a permanent life insurance policy that remains in force for your entire life, as long as premiums are paid. It accumulates cash value over time, offering a death benefit and a savings component.
Questions to Consider:
- Are you looking for lifelong coverage that doesn’t expire?
- Do you want a policy that builds cash value over time, which you can borrow against or use for various purposes?
Term Life Insurance
Term life insurance provides coverage for a specific period, typically 10, 20, or 30 years. It offers a death benefit but does not accumulate cash value. It’s usually more affordable than whole life insurance.
Questions to Consider:
- Are you seeking coverage for a specific period, such as until your children are grown or until a mortgage is paid off?
- Do you want a more affordable insurance option that focuses primarily on providing a death benefit?
Universal Life Insurance
Universal life insurance is a flexible permanent life insurance policy that allows you to adjust premium payments and death benefits. It accumulates cash value and offers more flexibility in terms of payments.
Questions to Consider:
- Do you prefer a policy that allows flexibility in premium payments and death benefits?
- Are you looking for a policy that can potentially accumulate cash value and offer flexibility in how that cash value is utilized?
Each type of life insurance caters to different needs and financial goals. Considering these questions can help you determine which type aligns best with your specific circumstances and objectives.
