There are things to take into consideration when buying life insurance. You need to think of how much you can be able to pay, the period, and the amount. Like other types of insurance, it also has options for different policies. Our agents at Newman Insurance Agency will help you analyze different life insurance policies available for you.
Basic ones include:
This type of insurance comes from the idea that the insurance will run for a specified period between 5 and 30 years without interruption. Renewing of policies is also available although it usually comes with higher premiums. In Mississippi, we will, in some cases, reinstate your earlier premiums. In the event of your death between the declared policy period, your beneficiary will receive a payout from the policy.
In this case, the premiums are higher than that of term insurance. It includes a part of the premium that is used by the individual for investment that is separate from the cost of insurance itself. The individual builds up profits that can be used in various ways.
Whole life insurance
With this type of insurance, you are covered for the whole extent of your life. At any time of death, your beneficiaries will receive the benefits of your policy. Premiums may tend to be higher with this type of policy.
This policy is very flexible as it lets you pay what is available in your pocket. If you decide to add premiums, you have to show that you qualify for the new coverage. The premiums that are paid go to another account that acquires interest over time. Expense charges are however removed from the account. You can also borrow from this policy in the event of emergencies.
There are so many options available in health insurance and it can really be confusing. Let us help you try to determine the right policy to provide you with the right benefits.
Newman Insurance Agency is here for all your life insurance needs. Deciding when to take out a policy can be tough because the thought of death is not pleasant. Let us walk you through this delicate process with one of our knowledgeable agents where they can educate you on the policy and benefits. Reach out to us for more information on life insurance policies.
Newman Insurance Agency is proud to be a general agent for Columbus Life Insurance Company.
Watch this video about Indexed Universal Life: