Life Insurance
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Life Insurance Information
Planning for the future is not always easy, but having life insurance can secure your loved ones financially when you’re gone. While no amount of money could ever replace you, a life insurance policy can provide critical funds to maintain your family’s standard of living.
Main Types of Life Insurance
There are many types of life insurance, but three primary types you may wish to consider include the following:
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Term life insurance—Covering a specified period of typically 10 to 30 years, this type of insurance offers a death benefit to beneficiaries if the insured passes away during the term. It is a popular choice due to its affordability and straightforward structure.
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Whole life insurance—Whole life insurance is a type of permanent life insurance offering coverage for the entire policyholder’s life as long as premiums are paid. Alongside the death benefit, it may accumulate cash value over time, serving as a form of investment. Its premiums are typically higher compared to term life insurance.
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Universal life insurance—Universal life insurance is another type of permanent life insurance that combines a death benefit with a cash value feature, similar to whole life insurance. However, it may offer more flexibility, allowing policyholders to adjust premiums and death benefits to suit changing financial circumstances. Universal life insurance provides the potential for growth through investments within the policy.
Is Life Insurance Worth Having?
Life insurance can financially safeguard your loved ones, ensuring they receive aid in the event of your untimely passing. It can cover funeral expenses, outstanding debts and mortgage payments and provide income replacement for dependents. If you have family or financial obligations, life insurance can offer peace of mind during challenging times.
How Life Insurance Is an Investment
Life insurance, particularly whole and universal life policies, may double as an investment vehicle. The cash value component can accumulate tax-deferred over time, allowing policyholders to build a nest egg for the future. This cash value may be received through policy loans or withdrawals, offering liquidity in times of need. Some policies also offer the potential for dividends or interest, further enhancing the investment aspect.
Where to Buy Life Insurance
Life insurance can be obtained from various sources, such as insurance companies, financial advisors and online platforms. It’s essential to compare quotes, understand policy terms and assess your coverage needs before making a decision. Selecting a policy can be challenging, so consult an agent to help you get the proper coverage.
Learn More
The dedicated agents at Clarion Pacific Insurance Services are here to help you decide on the right life insurance policy for your situation. Contact us today.
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