The agents at Irvington Insurance, serving the Indianapolis, IN area, are touting the importance of life insurance and the many different types you can choose from. There are several types of life insurance policies that you can choose from depending on your situation.
Types of Life Insurance
Whole Life Insurance
This type of policy provides coverage for the entire life of the insured person if they keep up with the premiums. This is a popular type of life insurance since you can take cash from it while you are still alive to pay off debts ahead of time for your family.
Term Life Insurance
Term life insurance pays out a death benefit if the person dies during the term it is in effect. You can choose from a term of one year to 30 years or longer. You can renew the policy after the term expires, but it may cost more.
Universal Life Insurance
This type of life insurance policy is similar to whole life insurance, but it allows for more flexibility in premium payments and death benefit amounts. Also, the cash value of your policy can earn interest at a variable rate.
Variable Life Insurance
Variable life insurance allows you to invest your cash from it in things such as bonds, mutual funds, and stocks. This means the amount of the cash value of your policy will fluctuate.
Other Types of Life Insurance
Other types of life insurance you can choose from include survivorship life insurance for two people or the indexed universal life insurance policy that allows you to play the stock market with the cash from it.
We Are Here To Help!
To create the best life insurance policy for you and your loved ones in the Indianapolis, IN area, contact the life insurance agents at Irvington Insurance today!