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Christensen Insurance Group

765 E 9000 S Suite A2
Sandy, UT 84094

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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premium that you pay each month is placed into an investment account that allows you to accumulate wealth that can be withdrawn at a later date.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.