What are the types of life insurance?
There is no one size fits all. Having the right type of policy in place is Very Important. We will guide you to find the right product based on your situation, age, and what you want to cover.
Because of my experience and the number of companies I’m contracted with I have the ability to place you with the right product and right company for you.
Often times when I meet with a client they have a policy that is not right for them. They bought it from their bank because it was easy and convenient or their financial adviser help them. Banks and financial advisers are not insurance experts and do not have the number of companies I have available. They sell you what they have which is why many people end up with the wrong type of policy.
- Whole Life – Covers you for your Whole Life as long as you make the premium payments. There are other benefits to a Whole Life plan such as it builds cash value, you can borrow against it, and some offer living benefits. It’s a great product that never expires so as you age you have the peace of mind that you will always have something to protect your family. This is what we typically recommend for Seniors because as you get older you don’t want a policy that expires.
- Term – Typically the most affordable. Term insurance covers a specific period of time typically 10, 20, or 30 years. Many people will purchase Term to cover the years when they have children at home and a larger mortgage because you can get more coverage for your money.
- Return of Premium – This is a term policy that has a feature where the insurance carrier pays you back your premium at the end of the 20 or 30-year term if you have not passed away. It’s great for people who want coverage during the working years with a family, and when you are approaching retirement years you’ll get the premium you paid returned to you in one lump sum – tax-free.
- Indexed Universal Life – Indexed universal life is a form of universal life insurance and is considered to be one of the most flexible types of life insurance. You also have the potential to build cash value in your policy and some come with Living Benefits features.
Contact one of our licensed agents in your area. BlueRock Agency we have hundreds of licensed agents throughout the nation. All are licensed and have completed extensive background checks and can assist you in identifying your life insurance needs to protect your family. The most common reasons people purchase life insurance is to protect their home with mortgage protection policy, or cover their funeral expenses with a final expense or burial expense plan whole life plan, or a traditional term plan to protect young families.
Contact us today and we’ll put you in touch with one of our licensed agents in your area.