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Life Insurance

Life insurance is something most people do not have or do not enough coverage. Having adequate life insurance can give you the peace of mind that your dependents will be financially secure in the event you pass away. The amount of life insurance depends on a person's income, how many dependents they have, their lifestyle, and if they have any current(Loans) or future(College) debts. There are several types of life insurance policies but they fall into two main categories.

Term life insurance

Term life insurance policies are the least complicated and are typically the least expensive. Most often they have a level term(premium stays the same) for a set period of time usually from 5 to 30 years. A term life policy is best when trying to get the most coverage at the lowest cost.

Permanent life insurance

Permanent life insurance policies have a higher premium when compared to term policies because they offer a longer coverage period. With permanent life insurance, there is a savings component that can grow with each premium payment. The policyholder can invest, withdraw, or borrow against this money during their lifetime. A whole life insurance policy is a type of permanent life policy where the policy remains in effect for the insured's entire life unless they stop paying the premiums. Premiums under the whole life are fixed. A universal life insurance policy, on the other hand, is more flexible and allows one to choose the amount of premium and coverage they need.

When choosing life insurance, it is important to educate yourself on the basics, so you can make an informed decision. To learn more about life insurance, contact Norment & Landers Insurance today. Our agents can go over different options to meet your current life insurance needs.