Life insurance gives you the ability to provide financial protection for your loved ones after your death. It is important for you to analyze your financial situation to determine the standard of living needed for your surviving dependents before purchasing a life insurance policy. At Lakeville Insurance Agency, we can help you determine the type of life insurance fit for your needs.
There are a few types of insurance available including whole life, term life, universal life, and variable universal life policies. There are also three major components to look at when purchasing a life insurance policy:
1. Death Benefits
– amount of money the insurance a company guarantees to the beneficiaries.
2. Premium Payments
– set using actuarial based statistics.
3. Cash Value
– can be a savings account, offset the rising cost, or provide insurance as the insured ages.