Securing Life Insurance
Finding the right life insurance coverage can be confusing and time consuming, without a licensed agent. At the Buren Insurance Group we pride ourselves on our experience and knowledge and use that to better serve our clients. The life insurance industry is complex and ever changing, however, we can help you navigate the right product, amount and company to work with, to secure you and your family with life insurance.
Three Types of Life Insurance
Term Life insurance is the most common type of policy bought today, in part due to its competitive rates and ability to buy larger amounts of insurance to protect your income while working. Most term policies have 10, 15, 20, 25, or 30 year term periods. This means that the price and benefit are guaranteed to remain the same for that time period. After that the term is no longer guaranteed and the price will rise. At this point we typically advise clients to purchase a new term (if needed) or convert coverage to a permanent plan.
Whole Life insurance is another popular option, however this is typically bought in lower benefit amounts to make these plans more affordable. Whole Life policies are guaranteed to last a lifetime and build a cash value as you pay premiums. The premium payments, benefit, and cash value are all guaranteed for your life and most policies are built to last until age 121 to ensure that you don't outlive the policy and your family receives the benefit.
Universal Life insurance is the third type of fixed life insurance and while more complicated can also offer additional benefits, such as larger cash values, Long Term Care and Chronic Illness benefits that can pay the benefit earlier should you need it.