The reality of someone’s passing is very difficult and can leave a financial pressure on your family. Life insurance ensures that your loved ones have the financial means to carry on.
The Upside of Insurance is that we treat your policies like they are our own.
What to Consider Before Buying Life Insurance
If you’re looking for life insurance, you want to start by considering your needs. Who will your beneficiaries be? What is your age? What is your health? What do you want the insurance money to be used for? All of these questions will determine the coverage you need.
For those considering purchasing life insurance, there are essentially two types of life insurance — term and permanent.
Term Life Insurance
Term life insurance allows you to pay premiums for a specific period and to get coverage up to a particular date. If you choose term life insurance, you enjoy these benefits:
- Premiums are lower for the amount of insurance you get
- Coverage is highly flexible and can be changed or canceled
- You can combine term life insurance with permanent coverage for more protection
However, keep in mind there are some drawbacks. Your insurance does not accumulate in cash value, and once the term expires, it can be very expensive to continue your coverage.
Permanent Life Insurance
If you’re looking for life insurance and want something that will accumulate in value, this may be the right option for you. Until YOU cancel your policy, you are covered. However, your premiums will be higher than with term coverage.
Universal life policies will generally maintain premiums at the same level for your life, and the death benefit and cash value will remain constant. Universal life policies offers more flexibility, allowing you to change your premium timing and amount as well as the death benefit. However, there are still limits as to how much you can change your policy.
Are You Looking For Life Insurance in Central PA?
If you’re shopping for life insurance in State College, PA, Harrisburg, PA, Lancaster, PA, or anywhere in Central Pennsylvania, contact Gunn-Mowery. Our experts in life insurance can help you find the right coverage for you and your family. That’s the Upside.
Universal Life is the product of choice for 91% of those agents selling permanent insurance and those clients buying permanent insurance. Let’s capitalize on that reality.