Choosing the Right Life Insurance Plan

By
Services for Real Estate Pros with Newton Insurance

Anything in the world can happen to us, at any time. If something were to happen unexpectedly to you, would your loved ones have to take on the cost of your death? A life insurance policy can cover the cost of death and can continue providing for your loved ones even if something happens to you. Although some people see life insurance policies as old-fashioned, an unnecessary luxury, or even a jinx, there is no better way to protect your family’s future, and there is no better time to start thinking about their future than now.

There are three main types of life insurance: Term Life, Whole Life, and Universal Life. Which is the best for you? Let’s go over the differences and features.

Those who are new to life insurance often go with term life because it provides coverage for a specified time only. It’s normally the less expensive of the other types as well. Term life has varying term periods with fixed premiums and can easily be switched over to a different type when you’re ready. Term life is also simple to understand.

Whole life insurance is a form of permanent life that is active during your whole lifetime, as long as the premiums are being paid. This type of insurance can also build cash value which can sometimes be borrowed (in certain situations). Generally a bit more expensive, whole life covers basic life insurance plus some extra investment capital. Premiums are fixed, meaning no matter your age or health, you pay the same amount for the coverage each year.

The next most common type of life insurance is universal life. Its main feature is its flexibility: with universal, the premiums, face amounts, and pricing structure are all made to suit your needs. This type provides a permanent death benefit to those who depend on you while earning cash value. It includes a fixed rate.

 

Got questions? To learn more about life insurance, call us today! We’re Newton Insurance, based in North Adams, Massachusetts.

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