Determining the right type of insurance policy depends on your future goals.
Life insurance policies can provide tax-free income for your beneficiaries, create funds to pay off debts or be used for the payment of the final expenses or estate taxes. Life policies can replace income that is lost if you die, provide an education fund for children or pay off your mortgage, large debts or even business loans.
Life policies can provide whatever the insured wants to do for their family or business in the event of a premature death.
The knowledgeable agents at TW Group, Inc. can guide you through the different types of life insurance policies available and help you chose the policy that will best fulfill your unique wants and goals.
Age and health are the most important factors in determining the premium you will pay, so it’s important to get started while you’re young & healthy.
Although you can purchase a policy at any age, the younger you are, the more affordable the policies will be.
All life insurance policies are designed to pay a benefit when someone dies, but today’s permanent policies also offer considerable living benefits that the insured can access for themselves.
The three most common types of life insurance are Term “temporary”, Whole Life (WL) and Universal Life (UL) – both “permanent” policies.
Term insurance is typically the most affordable type of coverage. The term of the policy usually lasts between one and 30 years and pays only if a death occurs during the policy term.
The advantage of permanent policies is the death benefit and premium will usually remain the same during the duration of the policy. These policies will also build cash value that may be borrowed against without restrictions should funds be needed in the future, providing something similar to a savings account.