Life insurance is an effective way to give your family the security they need in the event of your passing. No matter your age, it’s never too early or too late to get life insurance coverage. For residents in Sandy, Utah, contact Insurance Quotes Salt Lake and ask us about our life insurance plans.
How Life Insurance Policies Work
A life insurance policy is an agreement between you as a policy holder and the insurance company. You pay a premium in exchange for a designated sum. Your family receives payment in the event of your death, but your policy could contain other factors that trigger payment, such as terminal illness or critical illness.
Understanding Term, Whole & Universal Policies
There are three types of life insurance coverage you should understand when selecting a policy:
- Term Life Insurance – Under this policy, you’ll make payments at a fixed rate during a specific timeframe. Payment to your heirs will last for a set period as well.
- Whole Life Insurance – As long as the agreed upon premiums are paid, this policy stays in effect for the policy holder’s lifetime.
- Universal Life Insurance – Excess payments that exceed the current cost of insurance will be credited as cash value.
Whole and universal life insurance policies are the two most common plans for those who want stability. No one plan fits everyone’s preferences. For the best life insurance policy, contact one of our agents near Sandy, and we can find coverage that works best for you.
How Life Insurance Benefits
When selecting a life insurance policy, it’s important to evaluate your long-term goals. The most common ones amongst everyone consist of:
- Covering funeral costs
- Making sure children living at home are provided for
- Paying off outstanding debts such as a mortgage
Contact Us Today for Life Insurance Quotes
Life insurance is a good investment, and it’s an effective way of ensuring your family is taken care of when you’re gone. Contact Insurance Quotes Salt Lake for a free life insurance quote in Sandy, UT today.