Life Insurance In Indiana
The types of life insurance include Term life insurance, Whole life insurance, and Universal life insurance. Beacon Insurance Life Insurance Indiana agents will advise you concerning what insurance products meet your needs and that of your family.
Once you apply for life insurance, our agents must determine the value of your policy or how much life insurance you can purchase which is determined by the underwriter. The job of an underwriter is to evaluate the risk of potential clients. The underwriter determines how much coverage the client should receive based on some factors such as financial stability and medical history.
Term Life Insurance
The stage of your life and the number of dependents will determine the best life insurance policy. Are your children grown? Did you divorce? While "term" has all the benefits of whole life insurance the policyholder is insured only for a fixed period. If you want to cash out on your policy and put your children through college, you may buy a 20-year term policy at the time of the birth of your child.
Whole Life Insurance
Whole life insurance is Permanent Life Insurance that does not expire and continues to your death, paying out the contracted for death benefits. Permanent life also has a savings benefit and, as such, has a cash value.
Universal Life Insurance
Universal Life Insurance offers flexible premiums, which, unlike Whole insurance or Term insurance. It is a form of Permanent insurance and you have the opportunity of increasing the death benefits, by over funding the policy. As such you can build up cash value quicker than whole life, which makes investments more attractive especially because the investment is tax-deferred and the cash value gains interests. The interest can be applied to the future cost of the life insurance policy.
Contact Beacon Insurance Life Insurance Indiana agents who are prepared to discuss your life insurance options. Please visit us or call!