Searching “life insurance agent Oaklyn” will yield several results. Here’s what you should know before making your selection.
Term Life Options
You can choose between traditional, increasing, or decreasing term life insurance coverage. Traditional coverage is the most popular and the most basic. Your family receive a payout should you die during the life of the policy which can start as low as one year.
Increasing life insurance coverage is when the death benefit increases over time. You would choose this option in a situation where you expect your coverage needs to increase over time.
Decreasing life insurance coverage is when the death benefit decreases over time. You would choose this in a situation, for example, you loan balance that will decrease over time.
Permanent Life Options
Get whole life insurance if you want coverage for the rest of your life. With this type of coverage, the benefit amount and premium will remain unchanged for the entirety of the policy. Unlike term life coverage, there’s a tax-deferred cash value component to whole life insurance. This means that you’re building cash value that will only be taxed if you make a withdrawal.
Universal life insurance provides a bit more flexibility than whole life insurance. With this type of coverage, you’ll be able to choose how much of your premium goes towards the cash value versus the death benefit.
Now that you know a bit more about these policies, you’ll be able to make better sense of the results you get when you search “life insurance agent Oaklyn”.