If you live in or near Pooler, GA and have considered purchasing a life insurance policy for the first time, you may become confused by the different terms associated with each type. Our agents at Covenant Insurance can help clear up what each term means and guide you with selecting the policy that meets your needs.
Most first-time policy buyers consider one of the following three types:
Term Life Insurance
Term life insurance is the most popular type. It’s also the least expensive. Typically, companies sell policies that last for a specific length, usually between 10 and 30 years, although other terms are available. Most people buy term life insurance to cover their working years or the length of a mortgage. During the policy period, which continues until the term ends or your death, you’ll pay premiums. If the latter occurs, your spouse or other beneficiaries will receive a payout, but if you survive the term, no payout will occur.
Whole Life Insurance
This permanent option is popular because it is simple and acts like a cash-deferred savings account. The guaranteed death benefit and cash value earn interest over time. Portions of your premium go toward maintaining the death benefit, while other portions go toward the increasing cash value. These plans can cover endowments, estate plans, and heirs with disabilities.
Universal Life Insurance
With this permanent yet flexible life insurance policy, you can increase or decrease the amount spent on premiums. These policies can become complicated, but they let you adjust them according to your needs. Choose this option if you want flexibility.
Which is the Best for Me?
Your life insurance needs can change over time. Covenant Insurance can help you select the type and policy that will work for you in the greater Pooler, GA area.
