What Are The Different Types of Life Insurance Available to Me?

What Are The Different Types of Life Insurance Available to Me?

While there are many types of life insurances available on the market today, it’s important to understand what each one offers so you can better customize its coverage to meet your specific needs. Today, Bachmann-Zeitlin Insurance Agency is going to discuss some of the most popular life insurances and what individuals they are best suited for.

Whole Life Insurance

Whole life insurance, available at our office near Richboro, PA, is the simplest type of permanent life insurance. Premium prices are locked in for life and do not change through the life of the policy. Whole life insurance is a great option for those who need or want to stick to a budget, as well as for those looking for a policy at a young age. Perks of purchasing a whole life insurance policy while still very young means that regardless of your advancing age, the premium never budges.

Furthermore, the cash value component that is attached to a whole life insurance policy is allowed to grow on a tax-deferred basis. What does this mean? Well, unless withdrawn, the gains on these funds will not be taxed and be able to grow exponentially over the course of its life.

Term Life Insurance

One of the most basic types of life insurance, term, entails pure death benefit protection only and is usually purchased for a specific length of time. Some of the most common ranges include 15, 20, 25, and 30 years. Younger applicants tend to reach for term life insurance as it is very affordable and the premium amount does not change (during its coverage period).

If the death benefit goes down over time, this is known as a decreasing term life insurance policy. Whereas, increasing life insurance policies is when the death penalty increases. Contact the Bachmann-Zeitlin Insurance Agency today to learn if term life insurance is right for you, and which kind.

Permanent Life Insurance

Permanent life insurance is a little mixture of both term and whole where death benefit protection and a cash value component are present. Permanent life insurance has no time limits and once purchased is there for the remainder of the insured’s life, as long as the premium is paid.

Different types of permanent life insurance include:

  • Whole or Ordinary Life
  • Universal or Adjustable Life
  • Variable Life
  • Variable-Universal Life

The Bachman-Zeitlin Insurance Agency is pleased to offer residents various types of both life insurance and auto insurance policies throughout Montgomery County, PA. You can request a free quote by visiting our website homepage or dialing 267-288-5193.

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