If you or your family would be significantly impaired by the loss of the income of the other, buying life insurance ensures peace of mind. In some circumstances, it can be used during your life to cover medical expenses or help stabilize a survivor financial situation. Many times it is used to cover funeral expenses because the proceeds from life insurance can pass to your descendants without going through your estate first.
Two Types of Life Insurance
You can choose from a term or whole life insurance plan.
Generally speaking, term life insurance offers lower premiums, but the coverage period is temporary. It provides a payout if the policyholder dies within the insurance term, but once the term ends, you must reapply and be reexamined for coverage. Premiums go up after every renewal, and there is no build-up of cash value.
Whole life insurance provides long-term coverage but the premiums are typically higher than with term insurance. Many policies build up a cash value with permanent life insurance, which can be used during the policyholder’s life.
Let Monterey Insurance Group be your insurance agency. We are dedicated to providing you with the best insurance services. Contact us today by phone or by filling out the Request a Quote option, our agents will be happy to answer any questions you may have.