04/27/2023
There's many types of insurance and it's important you educate yourself on the appropriate type of coverage.
Term: A set plan for a specified time period (Term). Generally regarded as the lowest premium for most coverage. Great for young individuals and families to replace a parent's income in the event of passing. Does increase in cost across the term or at the end of the term.
Whole Life: Set level premium across the life of the policy. Builds cash value which can be borrowed from. Generally used to fund final expenses.
Universal Life: Combination of Term and Whole life. Builds cash value across the length of the policies life and can have a high coverage amount. Premiums will increase or policy may end once the cash value has been exhausted to cover the cost of insurance later in life.
It's important to know what type of coverage you have or are getting. This could mean the difference between your family receiving the policy amount and not.
