Are there different types of life insurance policies?

There are two major types of life insurance policies: Whole Life or Term policies. Age and family situation determines which policy is best suited for each individual. Most life insurance policies are Term Life Insurance.

Term Life Insurance means that the life insurance policy is in effect for a predetermined amount of time. An experienced life insurance agent will help those seeking to purchase life insurance the time frame for the life insurance policy.

Term Life Insurance policies can range from a year to even thirty years. The best term life insurance has the same payments and payout throughout the life of the policy. The premiums and cost associated with Term Life Insurance depend on an individual’s age upon purchase of the policy and ones current health habits and condition. Some life insurance companies do not extend coverage to go beyond a certain age.

Whole Life Insurance policies are less common. Whole Life Insurance covers an individual from the date the life insurance policy is issued until death. Traditional Whole Life means the payments and the amount to be paid upon death remain the same throughout the policy. Some Whole Life policies allow you to change the benefits or premium by passing a medical exam at a certain age.

Whether you are considering Whole Life or Term Life insurance, the process can often times seem confusing and complicated.

Complete the online application to discuss whether a Term Life Insurance policy or a Whole Life Insurance policy is best for you.

Our free, easy, and fast online application connects you with a local Life Insurance agent today!