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While no one likes to think of death and what will happen to their loved ones when they die, there is a certain feeling of peace of mind in knowing that your loved ones will be taken care of when you leave this world. One of the ways to achieve that type of peace of mind is through obtaining good, solid life insurance and the staff at McCormick Insurance Inc. in Pembroke Pines, FL knows and can explain the different types of life insurance policies that are available to you.
If you have a basic life insurance policy through your employer, chances are that it will just be about enough to cover your funeral and burial expenses. It will not leave much for your loved ones, if any at all, to pay off other bills or to replace your income or retirement plan. You will want to have a plan in place that will pay off your debts and even pay the monthly mortgage payments or utility bills for your family. They will already be grieving over losing you and having the correct life insurance policy in place will help them through a very stressful time.
Types of Life Insurance Policies
There are several types of life insurance policies that you can choose from and here is a detailed list of the three of the most common types.
Term Life Insurance
This type of life insurance is only paid out if the person who purchased the policy dies during the term that the policy is in effect. You get to decide the length of the term, along with your insurance agent, which can range from one year to decades. The downside to this one is that once the term ends, you have to renew it or you simply do not have it any longer.
Universal Life Insurance
The most popular choice when it comes to life insurance is the universal life insurance policy because it has a type of savings account piece to it and is a permanent life insurance policy instead of a term policy. You can actually borrow from this type of policy while you are still alive to pay off bills or your home mortgage ahead of time for your family. When you pass away, the beneficiaries of the policy that you have chosen will receive the death benefit that is left over.
Whole Life Insurance
Whole life is sometimes referred to as permanent insurance and will pay a death benefit when you die. There are three major types of whole life insurance, including traditional, variable universal, and universal life, and different versions to pick from.
To get your policy started right away, and the peace of mind that comes with it, contact the life insurance agents at McCormick Insurance Inc. in Pembroke Pines, FL to get your policy started today.