Life Insurance
Buying life insurance is important, and we’re here for you every step of the way. Learn what to keep in mind when purchasing coverage to protect your family.
Life insurance provides financial protection for your loved ones through a tax-free lump sum of money, called the death benefit, paid to your designated beneficiary when you die.
You can customize your policy to fit your family’s needs by choosing the type of policy you buy, the number of years you want it to last, your coverage amount, and which company you’d like a policy with. If you die while your life insurance policy is active, your beneficiaries can file a claim and the death benefit will be paid out to them.
Life insurance coverage offers affordable financial protection—and invaluable peace of mind—if your family members rely on you. The death benefit can be used to pay for expenses like a mortgage, utility and grocery bills, children’s college costs, final funeral arrangements, long-term care, and more.
Learning about life insurance can be overwhelming—but Savers Quote Insurance is here to help.
What are the types of life insurance?
Term life and whole life.
Term Life Insurance
Is the most common type; it expires after a set period of time (the term), providing protection when you need it and ending when you’ve paid off your major financial obligations like a mortgage, college tuition, and raising kids.
Term life is popular because it’s straightforward and much cheaper than other types.
Whole Life Insurance
However, this component comes at a cost and a whole life policy is substantially more expensive than term life. This can be helpful for some complex financial situations, but most people won’t benefit from the extra cost.
Other types of permanent life insurance include:
Final expense life insurance
Universal life insurance
Variable life insurance
The type of coverage is a major factor in determining how much your policy costs, how long it lasts, and which company you should go with, so it’s important to understand which is right for you and your family.
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