I remember when I first came across life insurance, the policies seemed complicated with so many different options. But after learning more about it, I saw that it was not as bad as it appears. Essentially you have three main types of policies:
TERM LIFE - This policy has an expiration date, often around 20 years. It’s a great option for families that may need the insurance while the kids are growing up. And it is relatively inexpensive. For example,our average customer pays around $30 per month.
WHOLE LIFE - This policy is intended to cover you for the rest of your life. You pay the same amount every month or year until your family needs the coverage. It is often used as a Final Expense policy that mainly covers funeral expenses.
UNIVERSAL LIFE - This type of policy is designed to have coverage for life but it offers greater flexibility. For example, with the payments that you make, you can build “cash value” or savings that you can invest, withdraw, use for a loan or even to cover your regular payments during a difficult time.
If you would like to learn more about life insurance, please give us a call at 323-773-4429 so we can set up an appointment to talk about what you are looking for and which life insurance option is best.