Pick the Life Insurance Policy For You and Your Family
Life Insurance
What do you love about your life? You might be grateful for a partner who understands you better than anyone else. Maybe you delight in watching your children embrace their talents. Perhaps a recent promotion is giving you the chance to flex some leadership skills.
If all goes according to plan, you’ll pay off the mortgage, put your kids through college and enjoy a long retirement. But you know the unexpected could happen — do you want to help plan for your family’s future if they must go on without you? Life insurance may help lighten their financial burden.
Your PIC agent can show you a number of coverage options you can tailor to your priorities and budget. In fact, life insurance plans may be more affordable than you might think.
Types of life insurance
Term Life Insurance
Term life is a type of life insurance policy where premiums remain level for a specified period of time —generally for 10, 20 or 30 years. After the end of the level premium period, premiums will generally increase. Coverage continues as long as the premiums are paid. Perhaps this is an option you may want to consider when you’re on a more limited budget and will have significant expenses over a shorter period of time.
You can often pay a lower premium when you select a shorter term — say, 10 years instead of 20. But since premiums are based on risk of death, once you are outside of the level premium period, a term life policy generally gets more expensive as you grow older.
Whole Life Insurance
Whole life is permanent insurance — you’re insured throughout your lifetime, or until the policy matures, as long as you continue to pay your premiums per terms of the contract. And those premiums will stay level as long as the policy remains in force. Over time, permanent insurance typically accumulates a cash value that can be accessed1 for a variety of purposes while you’re still alive.
Universal Life Insurance
Like whole life, universal life is permanent insurance that may also accumulate a cash value. It offers more flexibility, though. You can tailor a policy to meet changing priorities with flexible premiums2 and face amounts. Universal life also offers you more control over how quickly your cash value grows.