Life insurance is one of those things that most people don’t like to think about. But it’s important to have the correct type of coverage for your situation.

There are many different types of life insurance policies from which you can choose, so let’s look at some of them now: term life, whole life, universal life, and variable life.

• Term Life Insurance: Term life is a type of basic insurance that’s relatively affordable and pays a death benefit if you die within the term – or period mentioned in your policy. The time can vary from as little as five years, but it typically ranges from 10-to 30 years. It doesn’t build any cash value and only covers the insured person or people for a specific period.
• Whole Life Insurance: It is also known as permanent insurance because it isn’t designed to expire. This policy builds cash value and will typically pay a death benefit when the insured person dies, no matter how long they live. You’ll have to pay premiums until you die, but you can get back some of your premiums when you cancel the policy.
• Universal Life Insurance: Universal life insurance is like whole life because it builds cash value and offers the option to cash out your policy or borrow against it. It will also pay your beneficiaries a death benefit when you die. But unlike whole life, universal life doesn’t have to be paid indefinitely, so the premiums can go down if you choose not to pay them after an initial period.
• Variable Life Insurance: Variable life insurance has many similarities to whole life since it’s technically permanent insurance. But there are some significant differences between the two types of policies. You can invest in a sub-account that allows you to choose how much you’re willing to pay and what kind of investments you want your money to go toward. This way, you can have greater control over your investments.

There are many different policies to choose from, but it’s crucial for you to research and know exactly what type of coverage will work best for your situation. Looking for life insurance in Easton, MD? Ashley Insurance can help. Call us today to learn more.