Basically, there is "term" and "whole" life insurance. Term insurance is for a specific amount of time, while "whole" insurance has a cash value after a certain amount of time and lasts until your death. Insurance agencies realize there are a lot of different situations out there, so they have designed different variation of life insurance. Keystone State Insurance in West Chester, PA can help you determine the best policy for your situation.
Some of the other types of life insurance are:
- Permanent Life that has no time limit, and lasts as long as the person lives. It will likely have a cash value as well.
- High-risk insurance is available for people with cancer, for instance, or people in high-risk jobs like police or firefighting.
- A universal life insurance policy is like a whole life policy in that it has a cash benefit and can be a permanent policy. One big difference is you have access to the cash value, and you can borrow against it. You may also choose how much goes to the death benefit and how much goes to the cash value.
- Variable life is another insurance that has a cash value and can be permanent. It allows the policyholder to make investments, and this policy is sort of an investment as well as an insurance policy.
- A survivorship policy can be set up for a couple, and that can be paid on a first to die, or last to die, basis. These cost less than two individual policies would.
- Final expense insurance is often called burial insurance and only pays the funeral expenses.
Check with Keystone State Insurance in West Chester, PA to find out how you can get the life insurance policy that best fits your needs in Pennsylvania and Delaware.