Life Insurance Agent Serving Levittown & Langhorne PA
While insurance isn't an investment per se, it’s still an important component for a sound, savvy personal financial management. It provides protection to everything you've worked so hard to earn. It protects your spouse in the event of a premature death, sends the kids to college and holds together a family at a time when money shouldn't be a concern.
Serving PA, NJ, and DE
Shopping for the right coverage to protect your family and your assets is like learning a new language, so finding the right coverage for your needs may take a little research and time. Here's a starter guide on getting the most for the least in life insurance and still have the protection you and your family need.
Types of Life Insurance
There are two basic types of life insurance with numerous variations on a specific theme.
Term Life Insurance
Term life insurance is paid when the insured (meaning you) pass on within a defined term - a defined length of time your life insurance coverage is in effect. Term life comes with a variety of time frames: five, ten and even thirty-year terms are available.
The younger you are, the lower the cost of the monthly premium and the amount you pay for protection each month. Premiums are planned based on two factors - your age (and general health) and the dollar amount of protection you need.
Whole Life Insurance
It’s also called permanent insurance, universal insurance and other product names, but all fall into the general class of coverage called whole life insurance.
The first difference between term and whole life is that whole life covers you from the day you purchase the policy until you pass away. Of course, this assumes you’ll pay your whole life insurance each month. (Period certain plans are available that limit the payment time to 5, 10 or 20 years.)
Life Insurance Sources
There are hundreds of insurance companies and even more life insurance products so talking to a knowledgeable professional is always a good first step.
An insurance broker can advise you, but keep in mind that each insurance broker carries a "line" of products from several insurance providers. Working together with a broker assures that you’re getting an unbiased opinion from one specific carrier/provider.
Life insurance sounds complicated but, when you break it down, it's something you can do with a trusted advisor to point you down the right path!. What’s more complicated is losing a loved one without life insurance in place!