What would happen to your loved ones if you were no longer there? Life insurance is an important part of financial planning, which provides a death benefit to the beneficiaries in the event of death. The benefit can be used to pay funeral expenses, replace loss of family income or pay off debts. Luckily the professionals here at Pickett Insurance are here to help you in your time of need by offering you several types of life insurance at prices you can afford!
There are two types of life insurance: Term and Permanent. Term Life Insurance provides coverage for a set period of time while Permanent provides lifetime protection. Read more about these types of insurance below…
*Pickett Insurance Agency provides its life insurance services through a partner agency.*
Term Life Insurance
Term life insurance comes in a couple different varieties, you can select either Level Term and the benefit will remain level throughout the term or Decreasing Term that will decrease as the term progresses, usually in one year increments. There is also an option for renewing Term Insurance. It usually renews on specified terms such as 20 or 30 year renewable policies. To discuss term life insurance more in depth as well as to get a quote click below to speak with a representative.
Permanent or Whole Life Policies
With a permanent or whole life policy the death benefit is paid out regardless of when the policyholder dies. In traditional Whole Life policies, also known as Ordinary Life, both the death benefit and the premium are designed to remain at the same level throughout the life of the policy. As the amount paid out increases, it can usually be cashed out as a savings account. Universal or Adjustable Life offers more options such as increasing the death benefit or decreasing the premium payments due to changes in financial situation.
If you are interested in discussing your options or want to get a quote click below to get started.
There is also another type of life insurance called variable life insurance which is available for those who wish to earn a higher than average savings rate by investing in stocks or bonds with their premium payments. There is also a risk in this type of policy that will decrease if the stocks or bonds do not perform well. The benefit though, will not dip below a specified amount.
If you are interested in this type of insurance or think it might be a better fit for you click below to speak with a representative.
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If you have any questions or would like to get started on setting up your premium insurance please click below to get started.