Month: September 2020

A life insurance policy provides you with the peace of mind you deserve and will provide for your loved ones when you are gone. It is, essentially, a contract that you enter into with an insurance company in which for the exchange of your premium payments, the insurance company will eventually provide a lump-sum payment that is referred to as a death benefit, to the beneficiaries you have chosen when you die.

There are several different types of life insurance policies you can obtain depending on what your goals and needs are when it comes to life insurance. Here are a few of the most common types of life insurance policies.

Term life insurance

Term life insurance is created to provide financial protection for a specified period of time. For example, you can choose a term of 10 years. After that time period ends, you can choose to continue the coverage but your premiums may increase. Term life insurance overall is usually less expensive than permanent life insurance.

If you lost your job or have a financial goal you want to meet, such as paying off your mortgage loan on your house, you can use the proceeds from your term life insurance policy to achieve this. The benefits from a term life insurance policy are paid out in one lump sum.

Universal Life Insurance Policies

Universal life insurance policies are created as permanent life insurance that will provide coverage for your lifetime. It is flexible which means you can increase or decrease your premium payment or the coverage amounts throughout your lifetime as long as your policy is active. Unlike term life insurance policies, universal life insurance policies will pay out beyond the working years and will help to preserve your wealth that will be eventually be paid out to your beneficiaries.

Whole life insurance

Whole life insurance will provide lifetime coverage is a permanent type of life insurance policy. This type of policy has a cash value to it and policy premiums are normally fixed payments which means they stay the same throughout the time you have your policy in place.

To choose the best life insurance policy to fit your needs and preference, call upon the experienced and trusted life insurance agents at the Carminucci Agency in Croton Falls, NY today!