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Main Life Insurance Options: Term, Permanent or Whole & Final Expense 

Discussions with loved ones about life insurance are an awkward and perhaps morbid topic; for life insurance policies -- and there are a variety of them depending upon one's unique means and circumstances -- can help provide financial protection for the most important people in the deceased's life. Indeed, the reality is that you do not buy life insurance because you are going to die; rather, such a policy is purchased because those you love are going to live. Below are summaries of three of the primary types of life insurance coverage. Are you thinking, "I need life insurance agent near me"? Do you need life insurance Altamonte Springs FL or life insurance Orlando? Whether term life insurance, permanent life insurance, whole life insurance or final expense insurance; Altamone Springs, FL-based independent insurance specialist Bob Morgan can guide your coverage decision, just as he done for many Florida clients over the decades. If you are in need of a "life insurance agent near me," then Bob Morgan Insurance in Seminole County can help! Click here for LIFE INSURANCE quote.


Term Life Insurance Is a Simple, Straightforward-But-Limited Time Option

A term life policy is bought to last for a specified time period; commonly 5, 10, 20 or sometimes up 30 years; and such term life insurance rates vary. Such term life insurance plans expire when that pre-defined period ends – thus the “term” name – and, therefore, a term policy payout only occurs if the insured's death occurs during the specified duration. If the insured person outlives the original and agreed upon policy period, then coverage renewal and extension may be an option; though the premiums may be higher.


Permanent Life Insurance, AKA Whole Life or Cash Value Life

What are whole life insurance policies and what are whole life insurance benefits? Permanent life, AKA Whole Life insurance or Cash Value life insurance, provides ongoing coverage throughout the insured person's lifetime – as long as premium payments are in good standing! Unlike Term Life, these permanent policies may build cash value that a policyholder or their heirs can access under certain conditions. Thus, Whole Life premiums can be higher than for Term Life policies. Cash Value Life insurance products include several subcategories: Real Traditional Life, Universal Life, Variable Life and Variable-Universal Life, for example.


Summary of How “Cash Value” Works in a Permanent Life Insurance Policy

Premiums paid for a Permanent Life insurance policy go towards the cost of insuring you, your policy fees and building cash value. Regarding traditional Whole Life, both the death benefit and the premium are typically designed to remain constant throughout the policy period; however, the costs to insure you can rise as you grow older – especially upon living beyond age 80. Bob can explain life insurance options for seniors.


Final Expense Insurance, AKA Burial & Funeral Insurance Coverage

These types of typically small, Whole Life insurance policies are generally for people in poor health who lack other life insurance options and, thus, are in need of insurance for final, funeral expenses. Such Final Expense insurance coverage -- AKA Burial insurance policies -- are expensive; determined by the amount of coverage you get for your money.