Learn about different types of life insurance to find the policy that best fits your needs.
You need life insurance to protect your family. From funeral costs and estate taxes to debts and mortgages, there are a lot of afterlife expenses. Life insurance is a safeguard to keep your loved ones financially secure even after you’re gone. To get the coverage you need, you must first determine which type of policy best fits your needs. Check out these common types of life insurance so that you can determine which is right for you.
Term Insurance.
Term life insurance gives you guaranteed benefits for a set time frame at an affordable rate. You pay a fixed rate, and should you pass on your family gets the benefits. However, keep in mind that if you outlive your policy, your coverage is no longer effective. You would then need to take out an additional policy to reinstate coverage.
Whole Insurance.
Whole life insurance gives you guaranteed benefits no matter when you pass away. You pay a fixed rate for the rest of your life, and your family will certainly receive benefits. Additionally, your policy builds cash value. If you need to withdraw money from your policy, you’re able to do so. This is a more expensive policy, but you’ll never have to renew or purchase other coverage.
Universal Insurance.
Universal life insurance gives you flexible coverage. It allows you to pick and choose how much coverage you need and how much money you want to spend as your life changes. Similar to the whole insurance policy, your policy builds cash value. Just keep in mind that your benefits are only guaranteed as long as you meet set policy conditions.
Pick the type of life insurance that suits your family’s needs. Contact the professionals at Randy Jones Insurance Services in Pleasanton, California for assistance finding the right insurance policy.
