Different Types of Life Insurance Policies

Life insurance may provide crucial funds to your loved ones if you pass away while the policy is active. This money can be used for various purposes, including paying for living expenses, outstanding debts and funeral costs.

Main Types of Life Insurance

Many life insurance options are available, each with different features and benefits. Here’s an overview of the most common types:

• Term life insurance may cover you for a specific number of years. If you die during the term, your beneficiaries may claim a death benefit. This type of policy is often simple and low-cost, making it a popular choice for families seeking temporary coverage.
• Whole life insurance is a permanent policy that can last your entire lifetime, as long as premiums are paid. Along with the death benefit is a cash value that accumulates over time. You may access this cash value through loans or withdrawals. Whole life insurance may be ideal for individuals seeking lifelong coverage and a means to accumulate savings.
• Universal life insurance is also a type of permanent coverage, but with more flexibility than whole life. Premiums and death benefits can be adjusted as your needs change. Universal life policies also build cash value, which can be used to help pay premiums or supplement retirement income. This option may suit those who want long-term financial protection with the ability to adapt their policy over time.

Get Covered Today

Beezo Insurance is committed to helping California residents understand life insurance. We can assess your goals and recommend suitable options. Contact us today to speak with one of our experienced agents.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.