Life insurance is a good investment to provide for your family, no matter your age. Insurance Quotes Salt Lake services the South Jordan, UT area, and will advise about different kinds of life insurance and policy plans that best suit your needs. Contact Insurance Quotes Salt Lake for questions about or to receive a complimentary quote on life insurance for you, or any members of your family.
Term, Whole and Universal Life Insurance
Life insurance is paid into or bought and provides a designated beneficiary a sum of money upon the death of the insured individual. There are 3 types of life insurance to consider when investing in a policy.
- Term Life Insurance
Term life insurance is for a pre-designated span of time only. Payment is made for the term of the policy and does not accumulate any cash value. Term life insurance can be significantly less expensive than other options, but the coverage is not for the life of the insured, it is only good for the life of the policy. When the term of the policy is up the coverage has expired.
- Whole Life Insurance
Whole life insurance has no expiration and is guaranteed to remain intact for the insured individual’s lifetime. Premiums are paid into the policy, usually until the death of the insured, then the named beneficiary will receive a fixed cash value.
- Universal Life Insurance
Universal life insurance is an option with greater potential for cash growth. It’s a relatively new product and, unlike whole life insurance, there is no fixed benefit payout. With universal life insurance, the premiums and death benefits are flexible depending on the amounts paid in and withdrawn from the policy.
Life Insurance Benefits
With the variety of life insurance and policies available, it is always best to meet with a licensed insurance agent to review your options. Life insurance has investment benefits as well. If you would like to learn more about life insurance in the South Jordan, UT area, contact Insurance Quotes Salt Lake soon.