Home » Our Services » Life Insurance » Types of Life Insurance
Refer a Friend
Request a Quote
Policy Review

Types of Life Insurance

Good planning entails not just the building of wealth, but also protecting what you have. Life insurance protection should be considered an essential part of any good solid financial plan.

There are several different types of life insurance. Each is designed to cover certain needs. For example, some policies are used for pure insurance coverage on a temporary basis while others are intended to be kept throughout a policy holder’s entire life. In addition, there are certain types of life insurance that may better fit the needs of a business owner versus an individual.

There are two primary classes of life insurance. These are term and permanent. Term life insurance policies only provide a death benefit without any cash value build up or savings component in the plan, whereas permanent life insurance offers a death benefit as well as a cash value or savings function.

reason

Term Life Insurance

In many ways, term life insurance is considered to be a form of temporary coverage. With this type of life insurance, the policy holder will pay a premium throughout a certain period of time, in return for death benefit proceeds that are paid to a named beneficiary if the insured should pass away during that time.

reason

Permanent Life Insurance

Permanent life insurance is used for needs that are ongoing, and they are therefore purchased for the long term. As long as the policy holder pays their premium, permanent life insurance will stay in force. This type of life insurance is usually purchased for the purpose of covering more long term needs such as providing income support for a surviving spouse and / or children, as well as for estate planning.

In many ways, term life insurance is considered to be a form of temporary coverage. With this type of life insurance, the policy holder will pay a premium throughout a certain period of time, in return for death benefit proceeds that are paid to a named beneficiary if the insured should pass away during that time.

There are a number of different types of permanent life insurance policies. These include:

Whole Life — Whole life is the simplest form of permanent life insurance. This type of policy can offer life insurance protection for the entire life of the policy holder. These policies typically provide a fixed amount of death benefit proceeds along with a cash value build up or savings component within the policy. The funds in the cash value portion of a whole life policy normally grow at a fixed rate of interest.

Universal Life — Universal life insurance policies can also provide a guaranteed amount of death benefit proceeds, in addition to a cash value component. These types of policies offer more flexibility in terms of the cash value build up as well as in how the premiums are paid.

Variable Life — A variable life insurance policy can provide a permanent death benefit for the insured as well as a cash value portion. However, with this type of policy, the policy holder may allocate the funds within the cash account to a separate fund that

What Type of Life Insurance Policy is Best For You?

reason

In determining which type of life insurance is right for you, it is essential to first decipher what particular needs you are trying to protect. This will also help you in coming up with a proper amount of face value. Discussing these details with a qualified life insurance professional will help you to pin point exactly what type of coverage you would most benefit from as well as how much.

At Romero Insurance and Financial Services, we are independent agents. This means that we are not tied to one particular life insurance company or product and can therefore provide you with information on the type of policy that will truly best fit your specific needs.

For additional information or a life insurance policy quote, contact us today:

captcha

Romero Insurance & Financial Services
1462 Bloomingdale Ave ValricoFL33596 USA 
 • 813-657-0100