Do you have individuals that rely on you financially? Do you own any assets that could be passed on to others if you passed away? Do you want to make sure that your family isn’t responsible for your burial costs?
Congressional Insurance Associates offers life insurance solutions for individuals, businesses, and families to help make sure that your family is never suffering financially during their time of grieving. The average person makes seven life insurance changes in their lifetime, and we will be there with you every step of the way.
Types of life insurance
Term
Term life insurance is a low-cost way of providing the largest amount of coverage for your family. The policies hold specific terms, ranging from five years through 30 years. The length of time you purchase for your policy depends on your specific financial needs. Your insurance cost is fixed for the entire contract period. Term life insurance pays a death benefit only if you die during that term.
Whole
Permanent life insurance, also known as whole life insurance, lasts from the day you obtain the policy until the insured’s death. Premiums are set at the time of policy issue and remain level for the life of the policy. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. The cash value can provide funds for many different needs, such as helping pay off a mortgage, a child’s education, or cash surrender value if the policy is ever cancelled.
Universal
Universal life insurance is a form of permanent insurance that has great forms of flexibility. You have the ability to take loans or make withdrawals from the account value for your personal needs. Loans accrue interest, and unpaid loans plus interest and withdrawals will reduce the death benefit and cash value. The policy continues as long as the cash value is sufficient to cover the various deductions each month.
Figuring out your life insurance needs sounds trickier than it actually is. The important thing is to determine whether you need life insurance, which kind is best for you, and how much coverage your family would need. We’ll help you work through all three.
