Finding The Right Life Insurance Policy

Life insurance concept.Life Insurance Types

Life insurance is one of the most important insurance policies available, as it will provide financial stability for your loved ones after you are gone. However, finding the right policy can be slightly difficult since there are many policy options to choose from. Knowing the differences between the various types of life insurance can help to ensure that you invest in the right policy for your needs.

Term life insurance will provide coverage for a set amount of time, usually for 10, 20, or 30 years. If you pass away during the life of your policy, your beneficiaries will receive the payout from the policy, known as the death benefit. However, if you outlive the policy, there will be no death benefit. Term life insurance policies tend to have the least expensive premiums.

Permanent life insurance, also known as whole life, will provide coverage for your entire life with a guaranteed death benefit for your beneficiaries, no matter when you pass. Though whole life insurance policies tend to have more expensive premiums that will stay the same throughout the life of the policy, they also have the option to build a cash value that can be borrowed against.

Variable life insurance is very similar to whole life insurance in that it will build a cash value over the life of the policy. The cash value can be invested in other types of savings accounts that will work much like a mutual fund. Variable life insurance policies also allow you to have flexible premium payments, which can range from very low one month to the maximum amount possible the next.

Contact the insurance professionals at McCarty Insurance Agency in Fresno, California for all of your life insurance coverage needs. As an independent insurance company, we will work with you to ensure that you have the right amount of coverage, all at the right price.