The New Year means new resolutions. While many people focus on losing weight or quitting smoking, why not consider trying something different? This year, make a commitment that will protect your family. Make a resolution to get life insurance. You may be asking yourself, “what type of life insurance is best suited for my family?” This blog will provide you with basic information on the different types of life insurance to help you decide.
Types of Life Insurance
Whole life insurance provides dependable, lifelong, and easy-to-understand insurance coverage.
- A level premium that is guaranteed never to increase for life.
- It's ideal for someone who wants lifelong coverage.
- Cash value begins to accumulate after a few years.
If you need coverage but have a limited budget, term life insurance might be a great choice for you.
- It's temporary. You can purchase it for ten-, twenty-, or thirty-year periods.
- There's no cash accumulation. With term, you are paying for coverage only and not building any cash value like a whole life insurance plan will do. Think of term insurance as "renting vs. buying." When it expires, it's done.
- Your payments are often cheaper than with other insurance options.
Universal life insurance is somewhat of a mix between term and whole life insurance. If you want more flexibility with your life insurance plan, consider universal life insurance.
- You can pay in level premiums, or you can increase and decrease payments at different times in your life. In addition, you can increase and decrease coverage as your level of need changes.
- Your net premiums go directly into the cash value and earn interest at a guaranteed rate.
- Deductions from your cash value are made to cover the cost of the death benefit and expenses.
To learn more about life insurance, contact a Catholic Financial Life advisor at 1-800-927-2547 or visit https://join.catholicfinanciallife.org/contact_advisor
Products are not available in all states. Catholic Financial Life is not licensed in all states. Nothing contained herein should be construed as solicitation for insurance, financial products or annuity products in any state in which Catholic Financial Life is not licensed.