Choosing the right policy can be a confusing process.
Some questions you should ask yourself are:
- Will the policy meet my current needs?
- Will the policy provide the flexibility to meet my future needs?
- What does the policy cost––both current and expected lifetime costs?
- Is the provider established and financially strong?
- Will the company back its guarantees?
Insurers offer two life insurance categories for you to choose from: term and permanent insurance. Both can be tailored to meet your financial needs.
Term Life Insurance
If you’re looking for basic insurance coverage for a specific period of time, term insurance is a good place to start. It’s a cost-effective and simple plan, with some flexibility to adapt to your long-term goals. Over time, your needs may change. Term life insurance can evolve with your needs by providing options to lengthen your coverage period or even to transfer to a permanent life insurance solution.
Permanent Life Insurance
If your financial objectives include more than basic insurance coverage, you may benefit from this option’s added investment potential. Permanent insurance solutions allow you to insure against the unexpected while increasing the value of your investment over time. Plans are flexible and can be tailored to the level of investment potential and insurance coverage to meet your personal financial goals. You can also select a plan that gradually minimizes insurance coverage so you can maximize your policy’s investment potential.