There are many reasons to have a life insurance policy in place. While no one wants to think about passing away, living with a great sense of peace of mind and knowing that your loved ones are protected financially in the event of your death is very important. There are many different types of life insurance policies and the insurance agents at the Coosa Valley Financial Group in Rome, GA, and the different options that you can choose from for your life insurance policy.
Types of Life Insurance Policies
While there are many different life insurance policies available, there are three types that are the most common policies for people to obtain.
Universal Life Insurance
This type of policy is a very popular option because it comes with an investment-type savings account piece to it. It is also a permanent life insurance policy which is important to a lot of people. You can borrow from this policy while you’re still alive to pay off debts, such as your home mortgage and credit cards before you pass away. This will provide you and your family a sense of relief in knowing those bills will not have to be dealt with in the event of your death.
Term Life Insurance
A term life insurance policy is only paid out if you pass away during the term that the life insurance policy is in place. You can sign up for a term of one year to 30 years or more but once the term expires, you have to renew the policy to start a new term and it could be at a much higher premium. You cannot borrow money from this type of policy like you can with universal life insurance.
Whole Life Insurance
A whole life insurance policy is referred to as a permanent insurance policy and will pay a death benefit to your loved ones when you pass away. There are three major types of whole life insurance that include variable universal life, universal life, and traditional whole life for you to choose from with the help of an experienced life insurance agent.
To get your life insurance policy starting, contact the experienced and knowledgeable agents at the Coosa Valley Financial Group in Rome, GA for an appointment today!