It’s never too early to think about life insurance. Life insurance is a great way to ensure your family is safe in the event you pass. If you’re in West Jordan, Utah, ask Insurance Quotes Salt Lake about our life insurance policies.
What is a Life Insurance Policy?
Life insurance is a contract between you and the insurance company. You pay a designated sum in exchange for a set amount of cash. Payment is triggered upon the death of the policy holder, but, depending on your policy, other factors can trigger payment, such as terminal illness or critical illness.
Term, Whole & Universal Life Insurance
When considering life insurance plans, there are three types to keep in mind: term, whole and universal.
- Term Life Insurance – Payments are made at a fixed rate for a limited period of time and the payment to your heirs last for a set period.
- Whole Life Insurance – A policy guaranteed to stay in effect for the policy holder’s lifetime, as long as the required premiums are paid.
- Universal Life Insurance – Any excess premium payments that exceed the current cost of insurance can be credited as cash value.
For a stable life insurance plan, whole and universal are the two most common. The two stay in effect for the policy owner’s lifetime and both have perks, such as quick access to your funds for a tax-advantaged development of your wealth.
No one plan works for everyone. Talk to one of our agents near West Jordan and we can set you up with life insurance coverage that works best for you and your loved ones.
What Life Insurance Coverage Can Do
The first step in selecting a life insurance policy involves you evaluating your goals in the coming decades. The most common things people think about include:
- Taking the burden of funeral costs off your family
- Provide for children who are still living at home
- Paying off any debts like a mortgage
Contact Insurance Quotes Salt Lake Today
Life insurance is a smart investment. Regardless of your age, it’s never too early or too late to get the coverage you need to protect your loved ones. For more details on life insurance policies, contact Insurance Quotes Salt Lake today for a free life insurance quote.