Life insurance is more important than many people may think it is since it provides financial security for you and your family in the event of your death. It is especially important if you are the main income earner of your household since your income will no longer be available if you suddenly pass away.

Even if you have a life insurance policy for your employer, you will more than likely need more coverage than that type of policy normally provides. Life insurance will give you a sense of peace in knowing that your loved ones are taken care of no matter what the future holds. The staff at the Commerce Insurance Agency in Commerce, GA is explaining each of the types of life insurance policies that are available to help you decide which one is the best type of policy for you and your particular situation,

Types of Life Insurance Policies

There are many types of life insurance policies available and below is a detailed list of the three most popular types of policies.

Term Life Insurance Policies

A term life insurance policy only pays out if the person who initiated the policy passes away during the term that it is in effect. You can obtain this type of policy for one year or up to 40 or 50 years but once the term expires, there is no more coverage, and you will have to start a new policy. It may cost more in premiums when you start a new policy than the premium you were paying with your initial policy.

Universal Life Insurance Coverage

A universal life insurance policy is the most common one of the three types since it comes with a savings account type of option. This means you can actually borrow money from this policy while it is in effect which means you can pay off debts while you are still alive. This will provide peace of mind for you and your family since you can pay off the mortgage on your home ahead of time or pay off other debts that will lessen the amount of stress your loved ones will experience when you pass away.

Whole Life Insurance

A whole life insurance policy is also known as a permanent life insurance policy. It will pay out a death benefit when you pass away and you get to choose from the three major types of whole insurance policies, including variable universal, universal life, or traditional whole life.

To choose the best life insurance policy for you and your family, you can enlist the assistance of the insurance agents at the Commerce Insurance Agency in Commerce, GA. Call for an appointment today!