What Type of Life Insurance Coverage is Best for Me?

If you’re younger and in your 20’s or 30’s, you may not think too much about life insurance. Maybe you’re in your 50’s and 60’ and are starting to consider changing your policy or coverage. Whatever the case may be, you can learn about the different types of life insurance coverage and what’s best for you with Pritchards and Associates Inc. 

Different Types of Life Insurance

The land of life insurance can be confusing for some, but Pritchards and Associates Inc. wants to make it easy. Here are the different types of coverage: 

  • Term Life Insurance: This is one of the more popular options. This has a set expiration date and is usually cheaper than other coverage options. 
  • Whole Life Insurance: This insurance type is permanent and has a cash value. These are usually more expensive and are used with people who have families. 
  • Universal Life Insurance: This is much like whole life insurance, but you can change the death benefit amount and premium without having to change policies. 
  • Variable Life Insurance: Similar to whole life insurance, this type of life insurance has a cash value. However, the cash value is usually dispersed into something like the stock market to allow for potential growth and returns. However, you could also lose money as well. 
  • Variable Universal Life Insurance: Essentially, this insurance type is a solid combination of the aspects of variable life insurance and whole life insurance. 
  • Simplified Issue Life Insurance: With this type of insurance, you don’t need to go through a medical exam to determine to find out how risky you are to insure. Instead, you would fill out a health questionnaire. 
  • Guaranteed Issue Life Insurance: This type of insurance doesn’t require a medical exam or questionnaire to determine your insurance risk. As long as you can pay the premium, you’re insured. 
  • Final Expense Life Insurance: This insurance type covers the cost of anything associated with your death, including medical and funeral costs. 
  • Group Life Insurance: This is usually an employer-provided life insurance policy that will either be whole or term.  

Find Out Which Coverage is Best for You 

To find out which coverage is best for you, contact Pritchard’s and Associates Inc. Their office is located in Okeechobee, FL, but you can contact them online for a consultation on coverage.