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Life Insurance From Prostar Insurance
Life insurance is necessary for people of all ages; it is much more important than many realize. The reasons why you should purchase this type of insurance can vary and sometimes it is confusing to decipher what type of life policy you should buy. At Prostar Insurance, we make understanding life insurance easy!
Typically there are two types of life insurance policies you can purchase:
- Whole Life Insurance
Whole life insurance policies pay a death benefit when you pass away, no matter what age, and generally covers you for your entire life, hence the name. There are two types of whole life policies: universal and variable. Universal whole life provides the policyholder with some flexibility in terms of death benefits and premium payments. Variable whole life policies combine your coverage with your investments. This can be a risk, as if your investments do not perform well, the value of your death benefits and your coverage can decline as well.
- Term Life Insurance
This is the least complicated form of life insurance. Term life policies pay a death benefit only when death occurs during the policy term, which is usually no longer than 30 years. There are two types of term life policies: level term and decreasing term. Level term policies require that the death benefit stays the same throughout the existence of you policy, while decreasing term policies require that the death benefit drops in set increments throughout the existent of your policy. Level term life policies are the most popular.
If you find yourself wondering why you should purchase life insurance, consider the following reasons:
- To pay final expenses
- To replace income for your dependents
- To ensure an inheritance for your heirs
- To create a source to savings
- To cover federal/state death taxes
- To make significant charitable donations (naming a charity as a beneficiary)
The agents at Prostar Insurance can help you with any life insurance questions you may have and information you may need. Contact us today and fill out our free quote form!
