#1 #year #term #life #insurance
Which Types of Life Insurance Fit My Needs?
You have more than one option when it comes to choosing a life insurance policy.
Which Life Insurance Is Right For Me?
Determining which type of life insurance 1 policy is the best option for you depends on your individual circumstances and financial goals.
Term life insurance:
Term life insurance may be a good choice for your temporary needs or if your funds are limited because it:
- Provides coverage for a specific period of time.
- Is generally less expensive than permanent life insurance.
- Often provides the greatest amount of coverage for the lowest initial cost.
- Has premiums that stay level for a set amount of time, usually 10, 20, or 30 years.
Permanent life insurance:
- Can remain in force as long as you live. 2
- Premiums generally do not increase during the life of the policy.
Permanent life insurance includes:
- Whole life insurance – is one of the most common types of permanent life insurance. Premiums on whole life policies are guaranteed never to increase as long as the policy remains in force; policies offer guaranteed cash value accumulation, and the policy owner may borrow against the cash value of the policy.
- Universal life insurance – allows you to tailor your insurance to meet your changing needs with flexible premiums 4 and benefits with potential for building cash value. The policy owner may also borrow against the cash value of the policy.
Life Insurance Coverage: Life Insurance Types: Farmers Insurance, 1 year term life insurance.