Life insurance is there when the inevitable happens. If you have a family or loved ones that you want to take care of when you die, a life insurance policy can do that for you. There are many types of life insurance. Each kind of life insurance functions differently, so you should choose a policy that’s best for your circumstances.
At Bryan Insurance Agency LLC, servicing New Windsor, NY, we can help you choose a policy. We’ll help you understand the differences between each type of policy so you can choose the right one for you.
Whole Life Insurance
Whole life insurance is a policy that lasts as long as you keep paying the premium. The payout for whole life insurance is fixed. Typically, the premiums on whole life insurance stay the same for the life of the policy.
Term Life Insurance
Term life insurance is a temporary policy that is only active for a specified number of years. Most term life insurance runs out after 10, 20, or 30 years. People choose term life insurance because of its low cost. The payout is a fixed rate.
Universal Life Insurance
Universal life insurance is similar to whole life insurance because the policy lasts as long as you keep paying the premium. The premiums for universal life insurance may go up with time, and at any point, if you can’t afford the premium, you can reduce your payments by reducing the death benefit.
Life insurance can help take care of your family if you pass away. If you’re not sure what type of insurance is best for you, talk to your insurance agent at Bryan Insurance Agency LLC, servicing New Windsor, NY. We’re here to help.