You are making a substantial investment when you put money toward life insurance. Life insurance can protect your dependents from facing financial hardships if you pass away, and your income is no longer available to help provide support.
The following are two primary considerations when you're looking for the right life insurance policy for your needs from CN Insurance Associates, Inc. in Utah:
The type of policy
There are two major options when it comes to selecting a life insurance policy: term life insurance and whole life insurance. Term life insurance policies are generally more common. A term life insurance policy doesn't accumulate value over time. If you don't die within the policy life, you don't get anything back for the money you put into the policy.
On the other hand, whole life insurance stays with you long term and will accumulate value as you put money into it. However, whole life insurance tends to be more expensive in monthly premiums than term life insurance is.
The length of the policy
If you choose a term life insurance policy, you need to decide what the length of the policy will be. The length of the plan is the period over which you will be making payments, and you will get coverage if you pass away.
When deciding on the length of your policy, the major consideration is how long your beneficiaries will be depending on you financially. Typical term lengths that are available are ten years, fifteen years, or twenty years.
Opting for a shorter policy might be a good idea if you are young, and there is a lot of uncertainty in your future. In this case, you can get a different policy down the road once your existing policy runs out.
If you're looking for the right life insurance policy in Utah, contact us at CN Insurance Associates, Inc. to inquire about the various products we have available.