081123 What Are The Different Types of Life Insurance?

Types of life insurance generally fall into two categories…

Term life insurance and permanent (Whole) life insurance.

 

* Term life insurance

Term life insurance provides protection for a specific period

of time (the term). This is often 10, 20 or 30 years. Term life

insurance makes sense when you need protection for a

specific amount of time… for instance, until your kids

graduate from college or your mortgage is paid off.

Term life insurance typically offers the most amount of

coverage for the lowest initial premium. This makes this type

of life insurance policy a good choice for those on a tighter

budget.

 

* Permanent (Whole) life insurance

Permanent (Whole) life insurance provides lifelong protection

for as long as you pay the premiums. It also accumulates cash

value on a tax-deferred basis, which you can tap into to buy

a home, supplement your retirement income, cover an

emergency expense and more.

Because of these additional benefits, initial premiums are

higher than what you’d pay for a term life insurance policy

with the same amount of coverage.

 

* You Might Want a Mix

Depending on your circumstances and financial goals,

sometimes a combination of term and permanent insurance

is the answer.

 

https://lifehappens.org/life-insurance-101/

 

 

 

I Still Make House Calls!

 

Hayden Childs

Alabama Licensed Agent

(205) 269-1382

Shcmail34@yahoo.com

www.haydenchilds.net