Life Insurance
What is the purpose of life insurance?
Quite simply, life insurance is a way to feel secure and comfortable with your family’s future should something happen to you.
Life insurance can also provide financial security in your retirement years. What can be confusing is figuring out which type and how much life insurance you need. At Barham Benefit Group, we’ll help you define your needs and find the right life insurance plan for you and your family.
What types of life insurance plans are available?
The basic types of life insurance available offered by Barham Benefit Group are universal life, whole life, and term. When choosing the plan that’s right for you, BBG will help you
- understand the various types of life insurance.
- determine yow much coverage you need, and for how long.
- choose a policy or combination of policies with benefits and premiums that match your needs.
Term
Term insurance is the simplest form of life insurance. You purchase coverage for a specific price for a specified period. If you die during that time, your beneficiary receives the value of the policy.
Whole Life
Whole life is similar to term, but you purchase the policy to cover your “whole life” not just a set period. Premiums remain level throughout the life of the policy, and the company invests at least a portion of your premiums. Some firms share investment proceeds with policyholders in the form of a dividend.
Universal Life
With universal life, you decide how much you want to invest in the policy over and above a minimum premium. Your investment and the returns go into a cash-value account, which you can use toward premiums or allow to build.
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