Va. life insurance is a valuable investment that protects your family and your wealth in the event of your death. While a wide variety of life insurance plans exist, there are three that are most often purchased.
Term Life Insurance
Term life insurance is a temporary policy purchased for a specific period of time. The monthly premium is lower, but only for the time period selected. At the end of the policy, you may be able to renew but at a higher premium. The lump-sum payment your beneficiaries receive can be used for expenses at death.
Whole Life Insurance
Whole life insurance is a permanent policy. Premiums are generally higher than term premiums, but remain at a fixed rate. This type of Va. life insurance has cash value and is useful for managing money that you wish to transfer to your beneficiaries.
Universal Life Insurance
Universal life insurance is another permanent policy. In contrast to whole life, the premiums are flexible. This allows you to adjust your coverage and premiums as your needs change throughout your life. Just like whole life, it has cash value and will help you manage your estate.
Cost and coverage for Va. life insurance policies vary, so be sure that you pick the one that best suits your needs.