Life Insurance

Life Insurance

Life insurance protects your loved ones from financial hardship in the event of your death. The benefits from life insurance can help cover the cost of a funeral, medical bills, debts, and more. Purchasing a policy is a promise to loved ones that they will be provided for after you are gone.

There are a few different types of life insurance. They fall into two main groups: permanent life insurance and term life insurance.

Whole life insurance, a type of permanent life, covers you for the length of your entire life. When you pass away, your loved ones will receive the benefit of your policy. During your lifetime, you can also use a cash value: this is an account that grows with interest and which you can borrow money against during your life. Pay back any loans and your full death benefit will be secure for your beneficiaries.

Universal life insurance is another type of permanent insurance. These plans also include a death benefit for your loved ones and cash value for you. This cash value can also be used to pay on your monthly premiums for your policy, that is, if there’s enough cash value.

Term life insurance is set for a specific length of time, say 15, 20, 25, or 30 years. If you pass away during that time, your loved ones will receive the benefit of your policy. You may be able to convert your policy to a permanent plan if you outlive the term. This type of life insurance is good for parents hoping to provide for their underage children in the event of their death.

Many different people take out life insurance policies. They can be great financial security solutions for parents, business partners, married couples, and those hoping to leave something behind for their loved ones after their death.

Life Insurance Benefits

The primary benefit to any life insurance policy is the death benefit. This is usually a cash payment or trust fund made out to your beneficiaries which they receive after you pass away.

People with whole life insurance policies can benefit from the cash value of their policy during their lifetime. They can choose to take out a loan against the value of the account, and some accounts even invest in the market to help grow this fund.

Peace of mind for your loved ones is a priceless benefit.

Life Insurance Costs

You pay for life insurance policies with monthly premiums. The cost of your monthly premiums will vary based on your age, health, sex, and life expectancy at the time you purchase the policy. There are policies out there that will cover even people with serious illness, but these come with a higher premium.

Most insurance policies have level premiums, meaning the cost of your insurance never goes up over time.

Choosing The Right Life Insurance Plan

Whatever your reasons for purchasing life insurance, consult the agents of Jones Insurance Group to find the right policy for your situation.