There are many ways you can protect your loved ones, and one of them is through life insurance. At Associated Insurance Agencies Inc, serving the people of Westerville, OH, we strive to help you understand why you should consider getting life insurance.
What is Life Insurance
Life insurance is basically a contract between you and an insurance company where you pay premiums in exchange for a lump sum called a death benefit paid to your beneficiaries upon your death. Below are the different types of life insurance policies and how they work.
Term Life Insurance
Apart from being the most popular life insurance policy, it is also the most affordable. Term life insurance provides coverage over a certain period, and the premium amount paid stays the same during the whole duration of the policy. Should you die within the period or term, your policy states your beneficiaries can claim the death benefit, which is tax-free.
Whole Life Insurance
Whole life insurance provides a fixed death benefit as long as one keeps paying sufficient premiums and meets all their policy requirements. It comes with a cash value feature that you can utilize while alive. One can also redeem their cover, which leads to most people using it in retirement. However, your loved ones can also receive the death benefits upon your passing, hence securing their future.
Universal Life Insurance
Universal life is a type of permanent life policy. It comes with a cash value feature allowing you to invest in your preferred market. When you pass away, your beneficiaries receive the death benefit, which they can use to cover various expenses like mortgage, tuition fees, or pay any pending debt.
You can contact us at Associated Insurance Agencies Inc, for assistance in choosing a policy that will adequately protect your loved ones. We strive to serve all our Westerville, OH clients well, ensuring they have peace of mind that their beneficiaries are well taken care of.
