Life insurance does more than providing money when you die, it gives you the piece of mind that your loved ones will be 'OK'. The money they receive can be used to help pay for expenses, loss of income, debts, educational needs, mortgage payments, and more.
At Semler Financial Group, we answer questions like:
1. How much insurance do I need?
2. What types of insurance are best for my situation?
3. Is my life insurance through work enough?
There are two types of Life Insurance:
- Term Life Insurance – an easy, affordable coverage set for typically 10 to 30 years.
- Permanent Life Insurance – lifetime coverage with potential to build equity (cash value); options for more flexibility.
Term Life Insurance
Term insurance is an affordable coverage that offers protection for a specific number of years. Many people choose to supplement their permanent insurance with term insurance.
Benefits of Term Life Insurance
- Get the most amount of coverage at affordable prices
- Cover specific items like house payments or educational expenses
- Supplement permanent life insurance as needed
Permanent Life Insurance
Permanent life insurance is lifetime coverage with a potential to build equity (cash value), and has more options for flexibility.
Types of Permanent Life Insurance
- Whole Life Insurance - fixed premiums, guaranteed death benefit, and cash value growth.
- Universal Life Insurance - flexibility to change payments, premiums and death benefit options.
- Variable Universal Life Insurance - flexibility to change payments, premiums and death benefit; option to take investment risks in return for a possible higher cash value.
- Survivorship Life Insurance - provides a benefit to beneficiary after one person passes away.