Life Insurance
Life insurance is a very important type of insurance to obtain for several reasons. If you pass away suddenly and were bringing in the main source of income for your family, that loss can cost them everything, including the family home. Your family will still need to pay bills after paying for your funeral and burial.
Many people have a smaller life insurance policy through their employment but normally the amount of payout is only enough to cover your funeral and burial expenses. In other words, that policy may not nearly be enough for your loved ones to be supported after you pass away.
Reasons to Have a Life Insurance Policy
Your family can pay off debts in the event of your untimely death with the money from your insurance policy or make the monthly mortgage and utility payments. They will be grieving your death and it will be comforting and less stressful for them if they do not have to worry about monthly bills too. A life insurance policy will also provide you with the peace of mind you need and deserve also.
Types of Life Insurance Policies
There are several types of life insurance policies that you can choose from that will best fit your situation. Here are three of the most common types.
Universal Life Insurance
Universal life insurance is the most popular choice since it comes with an investment-type savings account. It is a permanent life insurance policy instead of a term policy. You can borrow from it while you are alive to pay off bills or your home mortgage ahead of time. When you pass away, the beneficiaries of the policy that you have chosen will receive the death benefit.
Term Life Insurance
Term insurance is only paid out if the person who purchased the policy dies during the term the life insurance policy is in effect. This is one of the simplest types of life insurance. The term of the policy is chosen by you and one of our insurance agents and can range from one year to 30 or more years.
Whole Life Insurance
Whole life is sometimes referred to as permanent insurance. This type of insurance will pay a death benefit when you die. You can choose from three major types of whole life insurance, including traditional whole life, variable universal life, and universal life and there are several versions to pick from.
There are a few other types of life insurance policies you can choose from and our agents at A+ Insurance of Sarasota Inc in Florida are ready to assist you with all of your life insurance needs. Call today for an appointment and get your policy started.
