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Why you Should Look at Getting Life Insurance

Life Insurance is an essential part of protecting your family in the event of death of someone in the family. Many people overlook this part of there insurance needs. Honestly speaking life insurance is a vital role in the protection aspect. Life insurance is not only vital for protecting your business, but also for protecting your business. There are basically 2 different types of insurance. These 2 types of insurance is permanent and term, but they come in many different types of products with many different features and variations.

Term Insurance

Term Insurance is the type of insurance that you would typically buy if you are looking to cover you or a family member for a set amount of time, maybe for a particular reason such as mortgage protection. Term insurance will lock your rate in for a specified time. These times are typically 10, 20, and 30 year terms but can vary by company and product line.

Whole Life

Whole Life insurance is usually the most expensive type of insurance, but for good reason. It has many benefits to it. One being that the product builds guaranteed cash value. It is a permanent product that builds cash value no matter what the market is doing. When you purchase this type if insurance your rate will be locked in for the life of you having the product. I would recommend purchasing whole life insurance as early in your life as possible.

Universal Life

Universal life is a great product that keeps you with options. This is also a permanent product that builds cash value. Universal life builds cash value but is not as guaranteed as the whole life product. There are different variables that your cash value will depend on when it comes to the universal life product. On the other hand though, universal life is much more flexible and many time less expensive than the whole life policy. It is a policy i personally like for myself.

Those are the 3 basic types of life insurance that all the many products that can be presented to you stem from. Feel free to ask any questions you have about protecting your family with life insurance. We would love to help you with this here at the Clark Agency.

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Posted in Law Post Date 05/06/2017


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