Life insurance policies can vary widely, but they generally fall under two categories:
Term insurance and permanent Insurance, which are often referred to as whole life or universal life.
Term insurance is typically the most basic and affordable form of life insurance. It is designed to provide pure death benefit protection for a stated period of time, usually between one and thirty years. Term life insurance will only pay the death benefit if the client passes away during the term period.
Whole life insurance policies provides permanent protection for the insured’s entire life as long as the premiums are paid and the policy is in force. With whole or universal life insurance a portion of the premium paid is invested and builds up a pool of money or cash value. Such policies are generally more expensive than term life insurance.
So how much life insurance you need depends on your individual needs and your financial objectives. This question is best answered through an analysis of your family and financial situation, as well as your financial goals and objectives.
Working through the trove of life insurance offerings can be challenging. It’s best to consult your local trusted independent insurance agent who can provide the most up to date rates and policy options available.
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We have have done great work in doing Madison life insurance quotes along with Oregon Life Insurance, Middleton life insurance, and Stoughton Life insurance. Contact us to day!