Why Life Insurance?
Life insurance is a means of relieving the financial burdens that may come after the death of a loved one. When structured properly, a life insurance benefit will help with the payment of outstanding debts, college tuition, as well as the loss of income that occurs. There are many factors that go into deciding just how much life insurance is suitable for each individual. Talley Benefits is here to help navigate those decisions. As an independent agency, we represent multiple carriers which allows us to find the right policy to fit your needs, as well as your budget.
Types of Life Insurance
There are several different types of life insurance products available – the most common include:
Term life insurance provides protection for a specified period of time with fixed premiums. Term policy periods include, 10 year, 20 year and even 30 year periods. The premium is typically less expensive than other, more permanent life products. It is a great product to start with if you do not currently have life insurance.
Furthermore, term life insurance can be convertible to permanent coverage, providing you with flexibility as your needs change.
Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as whole life insurance policies also build cash value over time.
- Guaranteed Universal Life Insurance
A guaranteed universal life policy offers level fixed premiums throughout the life of the policy. GUL policies are calculated to specific ages (usually 90, 95, 100, or 121). In addition, these policies have more payment flexibility and can accumulate cash value.
- Final Expense Life Insurance
Final expense insurance is a type of whole life insurance designed to cover medical bills and funeral expenses when you pass. These policies are typically written in smaller amounts, such as $15,000 to $40,000.
General underwriting guidelines may vary by company.
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