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What Type of Life Insurance Do I Need?

When it comes to life insurance, there are a number of options. Let’s explore each below so that you can make an informed decision. 

Term Life Insurance

Term life insurance is valid for a specific period of time and is usually sold in lengths of one, five, 10, 15, 20, 25 or 30 years. Coverage amounts can be purchased in a variety of allotments but can stretch well into the millions. One pro of term life insurance is that it is generally the cheapest premium; however, if you live beyond the term then your beneficiaries won’t receive the payout.

Whole Life Insurance

As the name implies, whole life insurance lasts until you die as long as the policy continues to be paid. Think of whole life insurance as a “set it and forget it” policy.

Universal Life Insurance

With this type of policy, the death benefit is guaranteed and your premiums stay the same forever. Since there is no cash value, it is cheaper than whole life and the benefit is guaranteed at the age you choose.

Indexed Universal Life Insurance

With this policy, the cash value is linked to the success of the stock market with the gains determined by a formula that is specifically outlined in the documentation. With indexed universal life insurance, you can access the cash value at any time and it could see significant gains if the stock market does too. 

With so many options for life insurance, it can be a bit overwhelming to choose a policy. Luckily, the team at EverGreen Insurance Agency in Middletown, NY is ready to help.