Life Insurance
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What Is Life Insurance?
Life insurance serves as an agreement between you and your insurance provider that a benefit specified by the policy will be paid to designated loved ones upon your passing. There are two types of life insurance: Term and Whole.
Whole Life Insurance, also known as permanent life insurance, pays a
death benefit whenever you die – Even if you live to be 100! This type of life
insurance is also structured to provide a cash value that you may be able
to access under certain conditions.
What Are The Types of Life Insurance?
There are four types of permanent life insurance policies from which you can choose.
Whole or Ordinary Life
This is the most common type of permanent insurance policy. It offers a death benefit along with a savings account. If you pick this type of life insurance policy, you are agreeing to pay a certain amount in premiums on a regular basis for a specific death benefit.
Universal or Adjustable Life
This type of policy offers you more flexibility than whole life insurance. You may be able to increase the death benefit, if you pass a medical examination. The savings vehicle (called a cash value account) generally earns a money market rate of interest. After money has accumulated in your account, you will also have the option of altering your premium payments – providing there is enough money in your account to cover the costs.
Variable Life
This policy combines death protection with a savings account that you can invest in stocks, bonds and money market mutual funds. The value of your policy may grow more quickly, but you also have more risk. If your investments do not perform well, your cash value and death benefit may decrease. Some policies, however, guarantee that your death benefit will not fall below a minimum level.
Variable-Universal Life
If you purchase this type of policy, you get the features of both variable and universal life policies. You have the investment risks and rewards characteristic of variable life insurance, coupled with the ability to adjust your premiums and death benefit that is characteristic of universal life insurance.
Frequently Asked Questions
Learn more about life insurance by exploring the answers to common questions, and then contact us for additional information.
- Look at quotes side-by-side
No more contacting multiple carriers to get comparable quotes. As a one-stop shop for insurance coverage, our experienced team gathers the very best deals for the customized coverage you need so you can choose from among many competitive offers. Easy-to-compare quotes and tailored coverage make getting the right insurance easy.
- Consider more than price
As a full-service insurance agent, SafeGuard is committed to tailored insurance solutions. No more finding quotes that offer too much or too little coverage. No more comparing quotes based only on price. Our dedicated team finds the solutions you need so you can look beyond price to get total peace of mind.
- Which type of life insurance is right for me?
Your life insurance needs are as unique as your circumstances. Our insurance agents will work hard to find policies that fit with your requirements and your budget.
- Can I buy life insurance if I have a chronic illness?
Possibly. Some insurance policies will cover you even if you suffer from a chronic illness. Ask your insurance agent to help you explore your options.
- How much life insurance do I need?
You should consider factors such as the number of dependents you have, the amount of family income you bring in, funeral expenses, and other factors when choosing your life insurance amount.
- Reevaluate your coverage with life changes
Life happens. When it does, your insurance needs may change. What life changes may lead to insurance changes? Marriage, divorce, home renovations, purchasing or selling a house, starting a business, buying a luxury item or vehicle, getting a pet, and more. Here at SafeGuard, our professional team is ready to adapt your coverage at any time. Just give us a call!
- Weigh the benefits and discounts
With multiple competitive quotes to choose from, you can easily compare the benefits, discounts, and prices of each to find the very best deal. Our team uses our established relationships with carriers to get you the lowest rates and the most favorable discounts. All you have to do is consider your options to find the perfect insurance solution for you.
- Do I need a physical exam before I can buy life insurance?
It depends on your policy. Regardless of whether or not you are required to get an exam, you will need to answer some health questions on your application.
- What is a beneficiary?
A beneficiary is the person (or people) who will receive your life insurance benefits when you pass away.
- Will life insurance cover my funeral expenses?
Yes, your life insurance benefits can be used to pay for your funeral expenses.
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