At some point in our lives, we can expect to be approached by an insurance agent who will present us with a menu of insurance options. It could be overwhelming if you don’t know anything about any topics discussed.
So as a trusted insurance company in Montgomery, Alabama, let us enlighten you on the types of life insurance for you and your loved ones.
- Term life insurance lasts for a specific period, such as ten or 20 years. It pays out only if you die during the policy term. If you live past your policy’s expiration date, your coverage ends.
- Annual renewable term insurance can be renewed without proof of insurability, but the premium may increase.
- Whole life insurance guarantees coverage throughout your lifetime at a fixed rate. Whole life policies typically have an investment component and a death benefit component – so they’re often referred to as “investment” or “cash value” policies rather than just pure life insurance policies.
Life insurance is a great way for you to provide financial security to protect your loved ones if something happens to you.