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765 E 9000 S Suite A2
Sandy, UT 84094

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The Two Types of Life Insurance

Leaving something behind for your beneficiaries is vital for most people. When people depend on you, leaving something behind is essential. When you’re looking into life insurance, there are two main types that you can choose from. Term life and whole life insurance work in different ways, but each has important benefits for policyholders. Call us at Christensen Insurance Group in Sandy, UT when you need a life insurance policy. 

Term Life Insurance

This type is named the way it is because it’s suitable only for a specific term. When the policy is written, it states the term of time that the policy will stay in effect. Once the term is over, the life insurance policy expires. After this, you will no longer be covered and will have to find a new policy to get covered again. One of the best benefits of this type of policy is that these policies tend to be inexpensive. These policies are often the only affordable type for those on a budget. 

Whole Life Insurance

When you want a policy that will protect you for your whole life, this is the type of insurance to get. It never expires. As long as the policyholder keeps making the payments for the policy, it will stay in effect. Knowing that you never have to get a new policy can bring peace of mind. This type of policy also builds its own cash value. As the years pass, this amount builds up, and you can borrow against this value. However, this type of insurance is more expensive than term life. Many people have to choose term life because of its low cost. 

Get Life Insurance from Christensen Insurance Group

Call us at Christensen Insurance Group in Sandy, UT to get your life insurance policy.


The Differences Between Whole Life and Term Life Insurance

The two main types of life insurance are term life and whole life. There are a lot of differences between these forms of life insurance. Some will prefer one type while others will see more benefits in the other type. If you have people who depend on you, you need one of these life insurance types to leave something behind for them. To get started with a policy, call us at Christensen Insurance Group in Sandy, UT to find out more. 

The Time Period

One of the most significant differences between these two life insurance types is that term life has an expiration date, and whole life doesn’t. When you have a term life policy, the amount of time the policy will be in effect is stated upfront. After the end date, the policy expires, and you are no longer covered. If you want to be covered again, you have to get a new policy. With a whole life policy, it stays good for as long as you continue to pay for it. As long as you do, the company can’t cancel the policy for any reason. For many people, this gives them good peace of mind. 

A Cash Value

When you have a term life policy, it never builds up any cash value. There is no money associated with it that you can borrow against. But with a whole life policy, a cash value will accrue as the year’s pass. This is an amount that you will be able to borrow against in case of a financial emergency. This is another aspect that can bring peace of mind. 

Get the Coverage You Need

If you need a life insurance policy, options are available. When you need a policy in Sandy, UT, call us at Christensen Insurance Group.

A Brief Look at Different Types of Life Insurance

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.

How much life insurance is enough

Most insurance you buy will benefit you by providing the protection you need. Life insurance is for those you love. At the same time, it can have financial benefits for you when you need it. Life insurance needs change throughout your life. Keeping your insurance at the level you need takes a little effort and an insurance agent you trust. Christensen Insurance Group in Sandy, UT is just such an agency. We are independent agents, which gives us access to multiple carriers providing our customers with more choices. 

When you begin your career, you may not give much thought to life insurance. That is probably okay since you may not have anyone who depends on your income to survive except you. You are missing an opportunity to purchase life insurance at the best rates by not paying attention when you are young. Starting with a whole life or 30-year term policy in your twenties can prove to be a wise move over the long haul. 

As your life progresses and you get married and start a family, your life insurance needs change. Now you do have people who depend on you. This is a good time to sit down with your financial planner or a trusted insurance agent. Discuss the amount of life insurance that is enough to maintain your family if you are no longer there to support them. Many things go into the decision. How many children do you have and what are their ages? Does your spouse work? Will you be providing total support or supplemental? Do you have a mortgage to pay off? Do you want to make sure your kids have money for college? 

How much life insurance you need is something only you can decide. Contact Christensen Insurance Group in Sandy, UT to discuss your life insurance needs. 

What is Life Insurance For?

Most people know that life insurance is important. There are still many folks who ask the question, "what is life insurance for?" The answer to that question will vary for each person, and there needs, but the simple answer is that life insurance is exactly that, insurance for your life.

It is insurance for the sadly expected and heartbreakingly unexpected and will cover things like funeral expenses or any remaining debts. We want to leave our loved ones with memories and gifts, not bills and burdens. Find out more about your insurance options and how the right insurance policy can help you and your family. Residents in Sandy, UT have already discovered that the Christensen Insurance Group can help with all your life insurance needs. 

Life insurance is also for the here and now, not only for end-of-life concerns. A policy can be structured as a type of savings towards your child’s college tuition. A whole-term policy can allow people to save up a safety net as these policies build value over time. Life insurance is also for your life today.

Were you aware that some types of life insurance policies can be used to help diversify investments, such as various types of universal life policies? Yes, life insurance is about much more than taking care of your loved ones after you leave. It is also about taking care of them while we are here and taking care of ourselves too.

If you are looking for an insurance provider, shopping insurance rates, or want to understand better what life insurance is for and what it can do for you, contact us today. We are the Christensen Insurance Group in Sandy, UT, and we can help. Let us help you better understand what life insurance is for and find the right policy for you. Contact our office for more information.