Make sure you have the right life insurance coverage.
Life insurance isn’t a comfortable subject. However, it is something that you need to think about. From mortgage payments to college tuition, life insurance can give you the peace of mind that your family will be financially cared for in the event that you’re not around. But, determining which type of life insurance policy you should pick can be confusing. It’s confusing for a good reason. Different policies make sense for different lifestyles. Make sure you pick the policy that’s best for your lifestyle and check out this guide to life insurance policies.
To put it simply there are two types of life insurance; term and permanent. Term life insurance is a bit simpler and a little cheaper, while permanent, also called whole, is a little more complex.
Term policies are only good for a set amount of time. Should you pass away within that set timeframe, then your family gets a death benefit. However, keep in mind that there are two subcategories. There are level policies that will keep a constant payout, and decreasing term policies that decrease in payout as time passes. Term policies are great if you’re looking for affordable coverage to meet basic needs.
Permanent policies are good for life. They don’t have a set limit when it comes to age, but they’re more expensive. You pay more as a younger adult but wind up with more coverage when you’re older. Within this category of insurance, there are subcategories. The main categories are traditional whole life, universal life, and variable universal life insurance. Permanent coverage is great if you need more extensive coverage and want to a cash value to your policy.
No matter what type of life insurance you choose make sure you’re covered. Contact the professionals at Gant Insurance Agency Inc. in McKinney, Texas for all your personal and commercial insurance needs.