Shopping around for life insurance plans can get tricky. Between the varying benefits and depths of coverage, selecting the right plan for you and your family will save you from trouble down the road. No matter your age or income, there are plenty of plans available to satisfy all of your life insurance needs to give you peace of mind at all stages of life.
There are two main types of life insurance: term life insurance, and permanent life insurance. As their names suggest, these plans differ in the longevity of their coverage time. Term life insurance can last anywhere from 5 to 30 years, but the policy doesn’t cover pre existing conditions. With term life insurance, payments are significantly lower than they would be in a permanent plan, making them an accessible option for most people. Permanent life insurance, on the other hand, lasts a lifetime. It accumulates cash value overtime and is priced for you to be able to pay consistently. Plus, permanent life insurance covers your family from the time of purchase to the time of your death, as long as the premiums are paid consistently and on time.
Choosing the right policy really comes down to the individual. Various circumstances in life, long term goals, and family size all factor into finding the right life insurance policy for you. In general, term insurance is a great fit for younger individuals or families. It effectively protects you and your family from a major financial loss, should the primary earner be unable to work. Buyers can select from a large range of term options, and shopping around for the right fit is simple to do. However, cash doesn’t accumulate with a term policy, meaning that once the term is over, there’s nothing to collect. Plus, the premiums of term insurance policies can increase over time as the risk of death goes up.
In contrast, permanent life insurance has the potential to cover buyers for their entire lives. Typically, there is a death benefit if someone passes away, and the policy itself can be used as a savings or investment holder. Depending on the policy plan, buyers may be able to borrow money out of the policy tax-free to use for retirement or education expenses. Keep in mind that the premiums are much higher for permanent insurance, but the coverage is larger with room for growth. Once the policy ends, the accumulated funds and benefits can be accessed by the beneficiaries.
At Phillips Insurance, it is our mission to ensure that our clients have access to the insurance products they need to protect themselves and their families. Our team of licensed professionals will work alongside you to make sure we find the perfect life insurance policy to fit your requirements. We offer both term and permanent life insurance policies through our partner providers, including United Health Care and Assurity.
Located in Mukilteo, Washington, we are proud to serve clients in the surrounding areas including Seattle, Lynnwood, and Everett. To schedule a consultation today, give us a call at 800-701-1985, or fill out our online contact form. We promise to listen to all of your needs and concerns to find you the right coverage, the right company, at the right price. We look forward to working with you!