What is Life Insurance?
Two Basic Types of Life Insurance
Term Life Insurance offers protection for a set period of time that may go from one to thirty years. There are two basic options in Term Life Insurance:
- Level term: in this case, the death benefit stays the same throughout the duration of the policy.
- Decreasing term: the death benefit drops (usually in one-year increments) throughout the duration of the policy.
As its name suggests, Permanent Life Insurance protects you all your life as long as you pay your premiums. The three main types of Permanent Life Insurance are Traditional Whole Life, Universal Life, and Variable Life.
- Traditional Whole Life: the most common type of Permanent Life Insurance, this option offers a death benefit with a built-in savings account.
- Universal: also known as Adjustable Life Insurance, offers more flexibility than Traditional Whole Life Insurance, giving you the option of adjusting your premiums after the built-in savings account reaches a certain level.
- Variable: in this case, you can use your savings account to invest in stocks, bonds, and money market mutual funds.
Contact Our Experts in Life Insurance
With a comprehensive understanding of the world of insurance and an unyielding commitment to the satisfaction of our customers, Carter Bradley provides the quality coverage you and your loved ones deserve.
We are located in Corona, California. Contact us today at (951) 547-4240 or fill out the online form for a free quote.