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The loss of a loved one can be one of the most challenging trials in our lives. Life insurance allows survivors to carry on without a drastic change in lifestyle. Give your loved ones the peace of mind of knowing that should the unexpected happen, you have prepared for their welfare and keeping in your absence. The life insurance experts at Assurance Total Protection can help you provide that peace of mind for your loved ones.
One of the most important contracts we enter during our lives is a life insurance policy. In return for premiums, the company pays out a benefit to our survivors when we pass away. The life insurance experts at Assurance Total Protection understand the life insurance options available to you and can tailor life insurance coverage that meets your needs. Learn more about our life insurance options today.
What kind of Life Insurance do I need?
Generally, there are two kinds of life insurance: term life insurance and whole life or permanent insurance.
A term life policy is purchased to last for a specified period, such as 10, 15, 20, or sometimes as much as 30 years. Coverage expires when that period ends–hence the name–and therefore, a payout only happens if the insured’s death occurs during the specified period. If the insured person outlives the original policy period, coverage renewal may be an option, but the premiums may be higher.
Term Life Insurance:
| Term Life Insurance
Coverage for 10, 15, 20, 30 years at more affordable rates than permanent policies. Term life insurance provides coverage for specific periods of time. |
Short-Term Life Insurance
This 1-year policy provides short term coverage if you are beginning the life insurance process or have a temporary gap in coverage. |
Permanent life, often called whole life insurance or cash value life insurance, provides coverage for the insured person’s lifetime if premium payments are in good standing. Unlike term life, these policies may build cash value, which a policyholder or their heirs can access under certain conditions. Premiums, as a result, can be higher than for term life policies. Whole life products include several subcategories, including real traditional life, universal life, variable life, and variable-universal life.
Permanent Life Insurance:
| Whole Life Insurance
This permanent life insurance option provides coverage for your whole life on a fixed premium. This policy builds cash value at a fixed rate that you can borrow against. |
Final Expense Insurance
This policy is also known as burial insurance. The Final Expense insurance policy is designed to cover your hospital bills, funeral costs, and any related expenses. |
| Universal Life Insurance
This permanent policy lets you change your payments and death benefit amounts over time. The cash value depends on the market and can grow into a no-cost policy. |
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Providing financial support to survivors is one of the most critical decisions a person can make. A family’s ability to maintain a lifestyle, continue living in a dwelling, or provide financial support to children, is often dependent on the amount of life insurance in place when someone passes. Let the life insurance experts at Assurance Total Protection guide you through this important process. They will help you find the right coverage that fits your needs and your budget so you can have the peace of mind that your family and loved ones will be provided for in your absence. Call us today for more information.
