Types of Life Insurance
Picking the best of the best life insurance plans can depend on multiple factors such as the number of members in the family, marital status, health status, and savings plans. Hence, you need to make an informed decision. Let’s begin by understanding the three most common types of life insurance and the role they could play in your family’s financial future.
Term
Advantages
- Simple and affordable
- Fixed premium
- Protection for a fixed period then will lapse
- Usually includes critical and chronic accelerated benefits
Disadvantages
- No cash value
- Expires in 10/15/20/30 years
- No lifetime coverage
Whole Life
Advantages
- Fixed premium
- Tax-deferred saving (can pay dividend and be borrowed)
- Lifelong protection
- Guaranteed cash value accumulation
Disadvantages
- Expensive
- Inflexible premium
- Takes longer to build cash value
- Surrender charges
Universal
Advantages
- Flexible premium
- Death benefits
- Savings options
Disadvantages
- Premium may rise if interest rates decline
- Death benefit may drop
- Low interest on cash value
Frequently Asked Questions
If you have dependents (parents, partner, or other relatives) or living in a home with a loan that you pay, a life insurance policy is necessary.
‘One-size-fits-all’ is not the case when it comes to life insurance. The cost may vary from person to person depending upon age, health status, maturity amount, and various other factors. Also, on the basis of the type of life insurance, you select. For example, the whole life insurance cost or whole life insurance prices will be more than the term.
The best age to apply for life insurance online or in-person depends upon the reason for acquiring it. Usually, the younger the insured, the better the rates. Consult your life insurance policy agent or contact us, The Jeff Lambert Insurance Agency, for further details.
Family life insurance is a smart choice regardless of your income. Call us, The Jeff Lambert Insurance Agency, today to find out the best family life insurance plans for your budget and needs. We take pride in being one of the best life insurance companies in Texas.
You need to fill an application, which includes questions about your lifestyle, job, and medical history. Additional medical requirements may also be necessary based on your history.
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