Life insurance ensures your loved ones have funds available after you pass. The money can be used for anything—bills, final expenses, or even to leave a legacy for future generations.
Types of Life Insurance
Whole life insurance is often used for final expenses. These insurance plans are usually guaranteed to last until age 100. Traditional whole life plans have premiums that never go up and the death benefit never goes down. Another feature of whole life plans is that these insurance policies have a guaranteed cash value that policyholders can access through policy loans or cash surrender.
Universal life insurance is also considered permanent life insurance and many plans today are guaranteed through age 120, if premiums are paid. Universal life insurance is typically used for larger death benefits that pay mortgages, fund estates, legacy and charitable giving, and estate taxes.
Term life insurance usually costs less than either type of permanent life insurance. It is intended to provide temporary financial protection for your family during your working years. In the event of your death, your family will have money to pay for funeral expenses, a mortgage, or your children’s education.
Consider Your Needs
Your needs for a life insurance policy can vary as you get older and your family’s financial situation changes. Please contact Patrick Crowder Insurance in Monte Vista to discuss your life insurance options. We would love to help you determine the right type of life insurance policy to protect your family’s finances and give you peace of mind.