Insurance Marketplace, Inc Blog
There are several types of life insurance policies to choose from. However, it is not as complicated as it seems because it fundamentally comes down to two policies: whole life insurance and term life insurance.
Whole life insurance is a type of permanent life insurance that lasts your entire lifetime. In comparison, term life insurance covers you for a certain amount of time or term and will expire after the period has been exhausted. There are other insurance coverages and plans that fall into these two policies, and each of those has its drawbacks and advantages.
Other Types of Life Insurance
You are probably already familiar with whole life insurance and term life insurance. However, there are plenty more options to choose from depending on your financial situation and your primary needs. Here is everything your need to know about the other types of life insurance:
Universal Life Insurance
Universal life insurance has a monetary value, just like whole life insurance coverage. Your premium will go to both its economic value as well as the death benefit. You can also switch out the death benefit and premium amounts without getting new coverage.
However, you need a certain premium amount to maintain this type of policy. You can even use its monetary value to cover the premium. This means if you have enough funds in your cash value, then you can use that to forego paying your premium altogether. You can just let the collected interest do all the work until the monetary value is consumed.
Variable Life Insurance
Variable life insurance allows you to adjust and alter your premium and death benefit while investing in your policy's monetary value. However, it could also expose you to risks associated with different types of insurance.
Some people do not need a policy with the intricacies and complexity of universal life insurance coverage, so they opt to explore a more suitable type of investment and other insurance options.
Term life insurance policies are typically the best choice for most people who need life insurance. These are more affordable and easy to understand. Visit a licensed insurance company and discuss what is perfect for you and your needs.
At Insurance Marketplace, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (541) 779-0177. Get your free quote today by CLICKING HERE.