No one likes to think about dying and leaving their loved ones behind, but it is a natural part of life. For great peace of mind, having a life insurance policy in place is a great idea. The agents at the Slocum Agency Inc., serving the Warwick, RI area, want you to know about the available types of life insurance coverage.
A life insurance policy is a great gift to provide for your loved ones when you die. This is especially important if you are the main breadwinner of your household. Your loved ones will be grieving and do not need the added stress of figuring out how to make the mortgage payment or pay the car payment. A life insurance policy can help them with this in their time of sorrow.
Types of Life Insurance Coverage
There are three main types of life insurance policies listed below:
Term Life Insurance
Term life insurance will pay a death benefit to your beneficiary if your death occurs during the period that the policy is active. You get to choose the length of your policy and when the term expires. You also have the option of starting a new term policy when one term ends so that you can have continual coverage.
Whole Life Insurance
A whole life insurance policy includes three main categories. Those are universal life, variable life, and whole life insurance. This type of life insurance will provide your loved ones with a certain amount of money at the time of your death.
Universal Life Insurance
Universal life insurance is by far the most popular option for many people. This is because it offers a death benefit to your loved ones but also acts as an investment account for you. You can borrow money from this type of policy over the years to pay off a mortgage or other large bills for your family while you are still alive. Your beneficiaries will still get a death benefit after you die but will have fewer bills to worry about.
Contact The Slocum Agency Inc.
To start your life insurance policy, contact the life insurance experts at the Slocum Agency Inc. serving the Warwick, RI area today!