Life insurance is like toothpaste. It comes in many varieties. The different kinds of insurance work best for certain purposes. To have the best coverage they can be combined as a package of protection designed to meet one’s life goals.
There is no need to try to attempt complex life insurance decision-making alone. Consult with an expert agent at Cordell Insurance, serving Baton Rouge, LA, and the surrounding areas, to learn more about the variety of life insurance products and the benefits they have for protecting you and your family.
Here are some basic life insurance choices and a brief description of what they represent:
Term Life Insurance
Term life insurance provides a death benefit for a certain period while the policy is in force. It does not build up any cash value. It is most useful for low-cost coverage to have peace of mind that protects your loved ones if something bad happens to you unexpectedly.
Permanent Life Insurance
Permanent life insurance is designed to last the entire life of a person. It can have a flat monthly premium that starts when young and the premium amount never changes over a person’s life, which makes it easy to pay for.
Whole Life Insurance
Whole life insurance builds up a cash value over time. Part of the premium pays for the death benefit and a portion is used as a cash value investment to create an asset that can be borrowed against in the future.
Universal Life Insurance
Universal life insurance has a cash value and also has investment characteristics because a policyholder gets to select whether it has a fixed interest rate or a variable interest rate and makes an allocation of the equities that will be invested in with a part of the premium funds.
There are many other options to consider that deserve an in-depth discussion with your agent at Cordell Insurance in Baton Rouge, LA. Contact us today to get a quote for all of your life insurance needs.