Life Insurance is an important decision for you and your family, meant to provide peace of mind, knowing that your loved ones will not face financial burden as a result of your death. The type and amount of coverage that you’ll need depends on your current situation. Our insurance advisors at TCI are here to help walk you through the options and decide what type and how much coverage is best for you and your family.
Term Life Insurance
Term life covers the insured person for a certain period of time, the “term” that is specified in the policy. It pays a benefit to a designated beneficiary only when the insured dies within that specified period. Term life policies are renewable, but premiums increase with age. This type of coverage might be preferred by someone who only wishes to have coverage until their children graduate or until a debt is paid off, like a mortgage.
Permanent Life Insurance
Permanent life provides lifelong protection as long as the premiums are paid. These policies are designed and priced to be kept over a long period of time and have the ability to accumulate cash value on a tax-deferred basis. This type of coverage might be preferred by someone who wants to provide financial security for their children or grandchildren regardless of their status in life, or a spouse who could potentially live years past the death of the insured. Examples of permanent life policies include:
- Whole Life
- Universal Life
- Final Expense
FAQ: Life Insurance
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