At Integrated Insurance Advisors LLC serving Boiling Springs, SC, we want you to know that you can purchase life insurance at any age. You are never too young or too old although as you age, the premiums increase. If you don’t already have insurance or would like to increase your coverage, you can do it now regardless of your age. But from what policies can you choose?
Term or Whole Life Policy
Broadly, you need to decide if you want a term life policy or a whole life policy. The latter also gets referred to as a permanent life policy. With both types, your insurance stays in effect for as long as you pay the premiums.
Your whole life insurance covers you permanently – so long as you pay the premiums. If you died at any time while owning this policy, your beneficiary would receive the benefit amount listed in the policy documents. It pays if you die at 37 or 73.
Conversely, a term policy only pays your beneficiary if you perish during the specific years within the term listed on the policy. If you purchase a 20-year term policy at age 22, it pays out if you perish at age 32 or 42, but not at age 52. At the latter age, your policy would have expired a decade beforehand.
Types of Term and Whole Life Policies
Once you decide whether you want term, which you will need to renew, or whole, which remains in effect, you need to choose within those types for a specific policy type. You can purchase whole or term with or without a cash value account. These come more commonly with whole policies, but you can also purchase terms with these savings accounts that provide a guaranteed rate of return or a high-interest rate. Choose from standard whole, universal, variable, simplified issue, or guaranteed issue life insurance, or a final expenses policy.
Contact Integrated Insurance Advisors LLC serving Boiling Springs, SC, to explore your life insurance options. We can help you provide for your family after you’re gone.