The main advantage of a life insurance policy is, of course, its death benefit. This feature protects our families in the event that a breadwinner or caretaker dies unexpectedly leaving a family behind. But did you know that there are also life insurance policy types that provide living benefits as well? If you are looking for a way to meet major financial obligations than it’s time to take a look at whole life, universal, and variable life. Term life is a good option for families and individuals looking to cover their estate and funeral costs and is the appropriate choice in many situations. The team at Colling Insurance Services Inc. wants the greater Lakewood, CO community to know about all of the different types of life insurance in order to help them determine which is the right fit for their needs.
Different Types of Life Insurance
- Term – this is the most basic type of life insurance and offers a death benefit equal to the policy level typically over a term of up to 30 years. There are no additional benefits.
- Whole life – offers a death benefit as well as a cash value that can be accessed during life. Earns interest over the life of the policy at a rate established at the time of the policy purchase.
- Variable life – can increase at a rate determined by the insurance company, however, there is no guaranteed policy cash value.
Is it time for you to consider life insurance with more features than just a death benefit? The helpful agents at Colling Insurance Services Inc. are here to guide residents in the greater Lakewood, CO area in their quest to find the right policy for their needs. Call or stop by today!