The benefits of Life Insurance are clear: the coverage provides financial protection against the death of a policy holder in the form of a payment to the beneficiary; and Life Insurance proceeds ARE NOT taxable income. However, it is important that you find the policy that best fits your situation.
There are multiple types of Life Insurance available today; however, two (2) of the most popular forms are Term Insurance and Permanent Life Insurance. Term Insurance is a form of Life Insurance that pays out ONLY if the policyholder’s death occurs during the “term” or length of the policy. “Terms” are usually written anywhere from a ten (10) year period to thirty (30) year period, and the premium amount usually remains “level” during the specified term period. Permanent policies, such as whole life, universal life, variable life and variable universal life, remain in force as long as the premium is paid, and some policies accumulate a cash value.
Our agents at Select Insurance Services will help you decide and guide you toward the policy which best matches your financial objectives.