Do you have a family that depends on you? Do you have life insurance? Our professionals at The Insurance Hub LLC, serving Wichita, KS and the surrounding areas, are here to assist.
Life insurance comes in two forms:
Term life insurance offers coverage for a certain amount of time, usually between 10 and 30 years. Sometimes referred to as pure life insurance, there is no cash value component to the policy. It ends when the term is over.
Permanent life insurance offers coverage for your entire lifetime. It has a cash value component, and as long as the premiums are paid, the coverage lasts for the entire life of the insured. A portion of the premium dollars becomes tax-deferred over time, but the death benefit is immediately paid out from the first day you are insured. The cash value, however, may take years to build up into a significant amount.
Universal life and whole life are the two types of permanent insurance available.
- Universal life insurance will be less expensive, but the death benefit, premiums, and cash value growth rate can vary, making the policy more complicated.
- Whole life insurance is much easier. The premium is the same for life, the death benefit is guaranteed, and the cash value accumulates at a guaranteed rate.
Life insurance is a powerful tool for protecting the financial future of the people who rely on you. It is something most adults should consider.
Typically, the longer you wait to purchase life insurance, the most expensive it becomes.
Give Us A Call
Don’t leave your beneficiaries without the means to live in the manner you have been able to provide for them. The Insurance Hub LLC can provide a quote or answer any questions you may have about life insurance. Contact us today. You will be glad you did.