Life Insurance offers coverage to those people who count on you when you die. The power of life insurance can do a great deal more too. But, how do you know which type of policy to choose for a particular need you may have?
There are two main types of life insurance policies:
- Term Policies: For short-term needs, usually 30 years or less
- Permanent Policies: For needs that tend to last indefinitely
A term life insurance policy provides a guaranteed death benefit for the period or term you choose—typically 10, 15, 20, or 30 years. Compared with permanent policies, term coverage is relatively inexpensive and is a good fit for short term goals.
Permanent Life Insurance offers long-term insurance protection. A permanent policy lasts for your entire life as long as premiums are paid. Most permanent policies offer the ability to build cash value.
There are many uses for Life Insurance in addition to providing for your loved ones. From having access to cash if you have a chronic illness, having another source of income, protecting your business, and more.
To learn more about the power of life insurance and how it can help you. Download your free guide, 6 Ways To Use The Power of Life Insurance.