This insurance is the most common and cheapest of all offered life coverage. That's because you cannot use term life insurance as an investment and it's a death benefit insurance only. Term life insurance usually lasts for 10-30 years. However, some insurance company offers shorter coverage that can last for five years. Other insurers suggest a one-year renewable coverage, which is the cheapest of all term life coverage.
Whole Life Insurance
Whole life insurance is the simplest type of coverage. It will provide a consistent premium for the policyholder throughout his or her lifetime. Besides from giving your beneficiaries cash upon death, insurance owner can withdraw some money. However, the policyholder may only revoke the cash value if his or her insurers see fit.
Universal Life Insurance
Like whole life insurance, universal life insurance is a permanent kind of coverage. It provides a death benefit and cash savings for the policyholder. The difference of it from whole life coverage is its flexibility. The policyholder will get the chance to divide the cash value into death benefit and cash value. Moreover, a policyholder can withdraw cash as long as the insurers agree with it.
Variable Life Insurance
Just like whole life and universal life, this insurance is a permanent type which includes a death benefit and cash values. However, investing in this insurance can be a risk. Variable life insurance death benefit will depend on market values, making it not suitable as an investment. The death benefit will not be lower than the set value upon purchasing regardless of market value.
Life insurance will help your beneficiaries from financial ruin and can also be a form of investment. Purchasing life insurance may help you and your family or friends in times of desperate need.
At Meyerson-Roth Co Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (516) 432-5800 or Click Here to request a free quote.