Life Insurance Plans
Life insurance can help provide peace of mind that your loved ones will be protected if anything happens to you. Life insurance can help your loved ones pay for funeral expenses, bills, and the daily costs of living, so that financial stress is not added to their grief. There are several different types of life insurance plans, so you can easily pick a plan that caters to your needs and provides you with this reassurance. There is never a medical exam or lab work required, you simply have to fill out an application and answer a few questions about your medical history.
Term life insurance provides you with life insurance coverage at a set rate for a specific amount of time, either 10 or 20 years. For under $20 a month, a 35-year-old client can purchase up to $75,000 in life insurance, saving money for the everyday expenses that life brings. Different plans are available, so you can purchase more coverage at a slightly higher premium or less coverage at a lower premium to best meet your needs.
Whole life insurance is designed to be carried for a policy holder’s entire life as long as premiums are paid, so you never have to worry about losing coverage. Premium rates are based on the age of the policy holder at issue and do not go up throughout the policy holder’s lifetime. With participating policies, the insurance company shares the profits with policy holders, sending annual dividends.
Universal life insurance is a form of permanent life insurance, so it is designed similar to whole life. Premium rates for universal life insurance may vary, because policy holders are credited at the end of each month based on the current costs of life insurance and the cost of the premium is debited. In some months, there may be no premium payments due at all. While universal life insurance plans come with less certainty than whole life plans, the premium costs are less.
Final Expense Life
Final expense insurance is insurance for seniors that is geared toward covering just expenses such as a casket, wake, and flowers. While other types of life insurance provide enough to cover living expenses of loved ones, final expense insurance is less expensive and is designed to just meet these needs. When purchasing the insurance plan, you must research and estimate your final expenses so that your final preparations will proceed according to your preferences.