When choosing a life insurance policy, there are many options to choose from. But what is the right choice for you and your family? Here we will discuss the different types of legacy life insurance policies and how to decide which one is best for you.
What is Legacy Life Insurance?
Legacy life insurance is a policy that primarily provides death benefits to your beneficiaries after you die. It is also known as estate planning life insurance because it can be used to help fund your estate after you die. There are two main types of legacy life insurance policies: term and permanent.
Types Of Legacy Life Insurance
- Term life insurance is the most common type of life insurance. It is a policy that provides coverage for a certain amount of time or term. If you die during the term of the policy, your beneficiaries will receive the death benefit. If you do not die during the term, the policy expires, and you will not receive anything back.
- Whole life insurance is a type of permanent life insurance. It provides coverage for your entire life, as long as premiums are paid. The death benefit will be paid to your beneficiaries regardless of when you die. Whole life insurance policies also have a cash value that accumulates over time.
- Universal life insurance is another type of permanent life insurance. It is very similar to whole life insurance, but the premiums are flexible and can be changed based on your needs. The death benefit and cash value are also adjustable.
- Final expense insurance is a type of permanent life insurance designed to cover funeral expenses. The policy has a fixed death benefit, and the premiums are usually low because the policy is only intended to cover a specific need.
So, which type of legacy life insurance policy is right for you? It depends on your needs and what you are looking for in a policy. For example, if you are looking for coverage for a specific amount of time or want the flexibility to change your premiums, term life insurance might be the right choice for you. On the other hand, if you want coverage for your entire life, or if you need a policy with an adjustable death benefit and cash value, then whole life or universal life insurance might be a better option. And if you are only looking to cover funeral expenses, final expense insurance is the perfect option.
No matter your needs, there is a type of life insurance policy that can suit you. However, if you are still unsure about which policy is right for you, or if you have any other questions about life insurance, please don’t hesitate to contact us. We would be happy to help you find the perfect policy for your needs and budget. Thanks for reading!
Need Help Getting Life Insurance Coverage?
If you have a preexisting medical condition and want to buy life insurance, you will need help from an expert. This person can help make sure that you get coverage so that you don’t get declined.
Warning: Applying for life insurance without a medical exam can be risky. If you get declined coverage, it could be at least two years before you are able to get any life insurance.