There are several types of life insurance and riders available. We don’t sell you life insurance we educate you on the various types and riders available so you can choose the best type for your needs. Here’s a brief summary of the most common types of life insurance.
- Term – Typically the most affordable. Term insurance covers a specific period of time typically 10, 20, or 30 years. Many people will purchase Term to cover the years when they have children at home and a larger mortgage because you can get more coverage.
- Whole Life – Covers you for your Whole Life as long as you make the premium payments. There are other benefits to a Whole Life such as it builds cash value, you can borrow against it, and some offer living benefits. It’s a great product that never expires so as you age you have the peace of mind that you will always have something to protect your family.
- Return of Premium – This is a term policy that has a feature where the insurance carrier pays you back your premium at the end of the 20 or 30-year term if you have not passed away. It’s great for people who want coverage during the working years with a family, and when you retire you’ll get the premium you paid during that time returned to you in one lump sum – tax-free.
- Indexed Universal Life – Indexed universal life is a form of universal life insurance and is considered to be one of the most flexible types of life insurance. You also have the potential to build cash value in your policy and some come with Living Benefits features.