There are four primary types of life insurance, and each has a place in any sound financial plan. The four variations of life insurance are:

Term Life Insurance – fixed premiums for a fixed period, like 10 or 20 years

Whole Life Insurance – permanent insurance, as long as premiums are paid, with fixed premiums and cash value benefits

Universal Life Insurance – permanent insurance with options to change premiums and death benefits

Variable Life Insurance – similar to Universal Life but with the flexibility to choose investment risks to maximize cash value benefit

Life insurance is essential, as it protects your family and lets you leave them a non-taxable amount at the time of death. It is also used to cover your mortgage and your loans, such as your car loan. In addition, your life insurance follows you when you retire, and your employer no longer insures you. This insurance will also replace your family income when resources are less, and you are not around, so they can maintain their quality of life.

Once you understand the importance of taking out a life insurance policy, you must make the right choice. To do this, you need to ask yourself about your needs and purchase a product that works for your family and insurance premiums that fit your budget. Then, contact us to know more.