Life insurance can help ensure your loved ones are taken care of financially when you pass away. You can rest easy knowing that they won’t be caught in a financial bind if the unexpected occurs. Here at Christensen Insurance Group, we want to ensure that Sandy, UT residents are familiar with the different types of life insurance available.
Term Life Insurance
Term life insurance is temporary and can last for a decade, two decades, or three decades. Generally, you do need to undergo a medical screening. It is also the most affordable life insurance option. Throughout the term, your premiums won’t increase. However, as soon as the term life insurance expires, you’ll need to pay more in order to extend your insurance coverage.
Term life insurance is a great choice if you are looking for affordable coverage for a pre-determined amount of time. For instance, if you want to ensure you have life insurance coverage while you are paying off your home or until your kid graduates from school.
Whole Life Insurance
Whole life insurance is a policy that lasts for the rest of your life. However, if you fail to pay your premiums, the policy will cancel, and your beneficiaries will be unable to collect the death benefit. As long as your premiums stay current, the policy will pay out regardless of whether you die in a month or in 30 years.
Because whole life insurance is designed to last a lifetime, the premiums do cost more. In addition, you will need to undergo a healthcare screening. Regardless, if you want to ensure your family is well taken care of upon your passing, this is an insurance policy to consider.
Universal Life Insurance
Similar to whole life insurance, universal life insurance is permanent. However, a portion of the premium that you pay each month is placed into an investment account that allows you to accumulate wealth that can be withdrawn at a later date.
Some insurance companies offer long-term care and disability coverage, providing a benefit in the event you suffer from a disability and are unable to financially support yourself. While this option is the most expensive of the three, it is most ideal for an individual who is seeking ultimate coverage and financial security.
If you would like to discuss your options for life insurance, reach out to our dedicated team at Christensen Insurance Group who proudly serves the Sandy, UT area.