Investing in the right life insurance policy is the best way to ensure that your loved ones are well taken care of after you are gone. However, it is important to keep in mind that there are many policies available that will benefit people in all different situations. Make sure to consider all of the following life insurance policies when looking for the right one for your specific situation.
- Term life – a term life insurance policy provides coverage for a certain amount of time. The premiums of the policy tend to increase over time. If the policy ends before you pass away, it will not provide any payout for your loved ones.
- Whole life – a whole life insurance policy stays active throughout your life. The premiums will stay the same throughout the policy, but tend to be slightly more expensive than term life. Whole life policies also provide the option to put part of the premium towards a savings account; this means a larger payout after you are gone.
- Variable life – variable life insurance policies is the most expensive life insurance policy since they build up a cash reserve that can be invested in different ways. It is important to keep in mind that the cash reserve depends on the stock market, so the policy can lose value quickly.
- Universal life – universal life insurance policies are a combination of whole and term life. You are able to change the amount that you pay on the premiums by using some of the money that has accumulated to cover the cost of the premiums.
Contact the insurance professionals at Unisource Insurance Associates in Wauwatosa, Wisconsin for all of your life insurance coverage needs.