No matter where you are in life, life insurance is an effective plan to keep your family safe. Eventually, the tragedy strikes and you should be able to help your family with additional resources when it does. Talk to Insurance Quotes Salt Lake to hear more about our life insurance products.

What Does Life Insurance Do?

Similar to other forms of insurance, life insurance is an agreement linking the customer and the insurance company that provides the policy. When you pay your premium consistently, the insurance company will pay out a lump sum of cash to those listed on the insurance policy after the policy owner dies.

Types of Life Insurance

There are three types of life insurance: term, whole and universal. When it comes to the difference between term and whole life insurance, it’s helpful to know the facts.

Term life insurance means you simply submit payments for an agreed upon length of time and the benefit of your heirs lasts only for a fixed period. Whole and universal life insurance are the two most commonly used forms of stable life insurance. They are long-lasting plans, guaranteed to last the entirety of the policy owner’s lifetime. If correctly established, there are many advantages to universal or whole types of life insurance plans, including easy access to needed resources, while additionally providing cash value, because it makes for the tax-advantaged growth of wealth.

Both types of life insurance have their perks and downfalls. Speak with any of our Salt Lake City insurance professionals to learn which life insurance policy works best for your needs.

Advantages of Life Insurance

Every retirement planning strategy has its pros and cons based on each customer’s financial history. This is why choosing an experienced financial expert is necessary.

Do I Need Life Insurance?

  • Your family can afford funeral costs without draining their resources.
  • Cover the cost of kids still staying with family.
  • Complete remaining debts and pay off items such as mortgages.

These are only a few reasons why life insurance is a smart purchase. Learn more details by speaking with a life insurance expert from Insurance Quotes Salt Lake for a no-cost life insurance quote.