Life insurance is essential for every family or business, but what are you looking for? You might already carry several policies with our team at Cormarc, but do you have life insurance? Are you unsure of what to buy or how much value you need?
We’re happy to help, and the insights below should point you in the right direction.
Term Life Insurance
Term life insurance is just what it says it is—it’s a policy with a term that does eventually expire. Generally, term life policies last 10, 20, or 30 years. However, there are many more options.
Term life policies tend to be affordable because they policies are quite simple. If you pass during the life of the policy, your family may file a claim against the policy. It’s that simple. However, some of our clients might feel that term life policies are limiting or should only be layered with other policies.
Whole Life Insurance
Whole life insurance has higher premiums than a term life policy, but it doesn’t expire. Your premiums don’t change, and a portion of those premiums will be invested by the insurance carrier. If you pay more into the policy, there’s more to invest. The policy grows in value, and you can borrow against that value or withdraw it early (with penalties.) However, the payout for the policy upon your death is fixed.
Universal Life Insurance
Universal life insurance is also “permanent”, meaning that it does not expire. Like a whole life policy, you can pay more into the policy so that its cash value will grow. However, you can adjust your premiums and death benefits given the parameters of the policy, allowing you a bit more flexibility than a whole-life policy provides.
Variable Life Insurance
Variable life insurance is flexible, and the carrier does invest your premiums, but you have control over how those investments are managed. You can pay more into the policy. You can borrow or withdraw as needed (with penalties,) but you run the risk of losing some of that money based on the investments you choose.
It all depends on whether you’re risk-seeking or risk-averse.
Who Needs Life Insurance?
Everyone! You need life insurance. Your spouse needs life insurance, and many more people need life insurance, including:
- Everyone in your family from adults to children
- Businesses—to protect against the loss of key employees
- Businesses—offering additional protection to employees
Contact Cormarc Insurance for More Information on Life Insurance Products
Contact our team of life insurance experts at Cormarc if you want to learn more about life insurance coverage. We can review options with our current clients, explaining how to bundle coverage for the future. Plus, we always welcome new clients who need a range of insurance support and want to start with a life insurance policy.