Thinking about buying your first life insurance policy? If this is your first time shopping for life insurance options, it may surprise you how many options you have. Simply, the three main types are Term, Whole Life and Universal Life. Call Sheri Wilson at The Insurance Store of CT for your full range of affordable life insurance options in East Hartford CT.
TERM LIFE INSURANCE
Term Insurance premiums are generally paid on a monthly or annual basis. Your family is protected for that term. Term insurance helps provide for a a family’s loss of income, covers short term debts and needs, provides additional insurance protection during child-raising years, and can help your family pay off a mortgage or pay for a college education.
WHOLE LIFE INSURANCE
A Whole Life Policy offers lifelong protection. Whole life insurance helps your family prepare for the unexpected. As with the aforementioned Term policy, the death benefit can help replace a family’s loss of income, help with mortgage costs, or educational needs. Over time, whole life policies build cash value that grows tax-deferred. Money may be withdrawn from the whole life policy during your lifetime. As long as your premiums are paid as required, your policy will be in force. We offer Whole Life policies that can be paid with a single premium, premiums payable to 100, or premiums payable up to a limited number of years. Policy loans do accrue interest, and any outstanding policy loans and interest will reduce the death benefit and cash value.
UNIVERSAL LIFE INSURANCE
Universal Life Insurance premiums are paid into your policy’s account value, after a premium expense charge, where it earns interest. Monthly deductions from the account value are made for insurance protection. You may take loans or withdrawals from the account value for your personal needs. Typical uses for universal life insurance are to provide for loss of income, mortgage expenses and educational needs; access to cash; estate, special needs and business planning.
The type of insurance you select depends on the number of people who depend on you. Whether you own a home, have outstanding debts and financial obligations, or have a young family who depend on you, are factors to discuss with your insurance agent. It is important to protect all of your assets and ultimately leave behind enough security for your loved ones. At The Insurance Store of CT we will help you understand what your options are, and what plans may best suit you and your family. The Insurance of CT will take the work out of shopping multiple companies by performing your search for you. We will also work hard to find you the best rate for your desired level of coverage. We are located in Manchester CT and serve greater Hartford and surrounding areas. Please call The Insurance Store of CT for all of your Life Insurance questions. We strive to be your choice provider for all of your insurance needs. Call 860-645-1960 today.