Life insurance makes it possible for you to provide financially for loved ones even after your death. Some types of life insurance policies actually allow for additional benefits even when you are still living. Before you begin shopping for Oaklyn insurance companies, it is helpful to know a little something about your various options. The three most common options are: term life insurance, whole life insurance, and universal life insurance.
Generally seen as the easiest to afford, term life insurance is focused upon consumers who need a substantial amount of financial coverage, but only for a short length of time. This type of coverage is common for young families and the plans can range from as little as five years, or all the way up until the age of 65. While some plans permit you to increase your coverage as time goes by, other plans withdraw parts of their coverage as you age. It is vital to understand the difference.
Whole life insurance is typically geared towards individuals looking to provide funds for family members who will need to pay the estate taxes or property gains taxes when they inherit a piece of property. This lump sum would ideally allow the inheritor to keep the property within the family.
Universal life insurance is a permanent policy as well. The largest advantage of this type of plan is that it will build cash value using a permanent interest rate, rather than one which fluxes due to economic shifts.
The quest for a life insurance policy that fits your needs is an important one. Now that you are armed with some base knowledge about life insurance plans, you are ready to begin your search for an honest, knowledgeable, reliable agent whom specializes in Oaklyn insurance. Best of luck to you!