Life Insurance

When selecting life insurance it is important to be familiar with the available options. Insurance can be either temporary or permanent. While temporary insurance only has a term option, permanent life insurance can be either a whole life or universal policy. Here are a few things you should know about each type.

• Term Life Insurance provides the maximum coverage per cost and coverage can be for a selected term up to 30 years. However, this policy does not provide lifetime coverage and there is no savings feature.
• Whole Life has fixed premiums, tax deferred accumulation and lifetime coverage. With a whole life policy, the rate of return may be lower than other investment options, and there are charges for cancelling your policy.
• Universal Life also provides lifetime coverage, has flexible premiums, a flexible death benefit, and pricing is based on assumed interest rate. A universal policy does have a higher risk since the death benefit may not provide adequate coverage or premiums may rise if interest rates drop.

If you are interested in obtaining a new Life Insurance policy, Contact Dickinson Insurance for a free assessment to determine what type of policy best meets your needs and receive a competitive quote.