Life insurance is becoming a household name in Iowa and Illinois, with the benefits it offers proving beneficial to its beneficiaries. From giving you peace of mind during your everyday routine to ensuring that your loved ones are protected when emergencies arise, a life policy is worthy coverage to consider getting. August Vincent Insurance Agency explains the various life insurance options available to policy seekers.
Term life coverage provides insurance for a given period based on the policy seeker’s needs. Once you pass away, your beneficiaries receive a death benefit, with the funds helping them take care of needs such as tuition and mortgage costs. However, these benefits are limited when you outlive your policy, with your beneficiaries likely to lose out on their payment. Luckily, term life insurance can be converted to whole term insurance, providing you with coverage for an extended timeframe.
Whole life insurance refers to coverage that lasts for your entire life, acting as a permanent life policy. Like term life coverage, whole life insurance also benefits your beneficiaries, helping them cater to their daily needs. This policy can also be redeemed for cash value when premiums are paid in full, with policyholders often using it as a retirement plan.
Universal life insurance is another type of permanent life insurance that covers you for your entire life. Unlike a whole life policy, universal life insurance offers flexible premiums, allowing you to vary your payments when faced with a job relocation or when you need to take care of your mortgage payments. It also comes with a cash value feature, allowing your premiums to earn value from prevailing market interest rates. With this, your beneficiaries get increased benefits, providing them with a secure financial future.
August Vincent Insurance Agency can help you identify ideal life insurance for your Iowa or Illinois needs, offering you protection against life’s emergencies. Call our East Moline, Crystal Lake, IL, or Davenport, IA agents today to get started on your life insurance journey.
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