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The death of a loved one may leave the survivor or survivors with extreme financial burdens. The death of a business owner may mean the death of the business. The best way to prevent undue financial hardship to a family or business is through the purchase of life insurance. Having appropriate Life Insurance in place will bring peace of mind to both the insured and the beneficiaries. There are two types of life insurance: term and permanent. Both offer the insured the ability to choose the amount they wish to be insured for based upon their financial obligations to one’s dependents and/or business partnerships. The professionals at Affordable Insurance Company will counsel each individual or business to assure they are choosing the type and amount of life insurance that will adequately address their given situation.
Term Life Insurance
The most affordable life insurance is term insurance. Premiums are paid over a specified period of time for up to 30 years. If the insured is still living at the end of the specified term, the premiums increase. A Term policy can provide protection against the loss of income of a primary earner for a stated period of time.
Permanent Life Insurance
Permanent insurance offers the insured more premium stability over a lifetime which can be to age 100 or 120. It also has additional features such as cash value and an opportunity for more favorable estate planning over an extended period of time. Some policies may also provide the insured with an optional long term care rider.
Whole Life Insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy.
Universal Life Insurance is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. The savings element, premiums and death benefit can be reviewed and altered as a policyholder’s circumstances change.