There are three main types of life insurance policies available:
Term Life Insurance
Term life insurance policies cover a certain period of time, such as 20, 30 or 50 years. If the policyholder passes away during this time, benefits will be paid out to the beneficiaries listed on the policy. This type of life insurance is useful if you only want coverage for a specified amount of time, such as if you want coverage until you’ve paid off your mortgage or student loan debt.
Whole Life Insurance
Whole life insurance policies cover the policyholder until they pass away with no specified length of time. This allows the beneficiaries to file a claim when the policyholder passes away at any point.
Universal Life Insurance
A universal life insurance policy is a type of whole life insurance policy that allows the policyholder to withdraw cash value while the policy is still active.
Choosing which life insurance policy is right is a critical decision that the dedicated agents at Waymon Lynch & Associates, Inc. can help you make. We will help evaluate your risks and lifestyle to help you find a life insurance policy that is right for you.