Life Insurance Policy Types

Be sure you know the different types of life insurance options available before selecting yours!

Life insurance is designed to provide financial support to your family and loved ones when you are no longer able to. Once you pass and your income stops, your family could be left to face loss and financial hardship. Life insurance provides supplement finances to cover expenses such as funeral costs, remaining debt, and any investments. Term This provides life insurance protection for a specific length of time at a fixed rate. If you were to die during the provided coverage time, term policies pay out in a lump sum to the beneficiaries. Most terms last between one and 30 years, and premiums are generally less expensive if you buy while you're healthy and young. Whole Otherwise known as a permanent policy. It is not defined by a specific term length, but it pays a guaranteed benefit to your beneficiaries when you die, and generally accrues a cash value over time through interest. This policy is exempt from income tax and the premiums normally stay the same over your lifetime. The cash portion can be withdrawn for an investment such as your kid's college education, your spouse to retire on time, or to pay off the mortgage. Universal This is referred to as a flexible premium or adjustable life insurance. This is not limited to a set term and usually have cash accumulation too. In this policy the premiums, cash values, and coverage limits may be increases or decreased during the lifetime of the policy. Usually the adjustments can be made after life milestones or as your needs change. Contact Little & Son's Insurance Group for an insurance quote in Banning, California. In addition, we serve the Beaumont, Calimesa, and Redlands areas to meet all of your life insurance needs with the correct policy for you.