Life insurance is essential for different reasons. At Avanti Insurance Services, we suggest getting life insurance to protect your loved ones if anything happened to you. Here's what you need to know about life insurance coverage for Colorado residents.
As your needs change, so should your life insurance policy. The primary types of life insurance:
- Term life
- Whole life
- Universal life
The simplest and least expensive type of life insurance is term life insurance. In the event of your death, the beneficiary will receive your assets. Term life insurance allows your family to continue paying the bills and other expenses.
Whole life insurance, unlike term life insurance, build cash value. This cash value builds over time. If a whole life insurance policy is surrendered, the policy owner receives the amount of the accumulated funds. These insurance policies have a fixed premium. These premiums can only increase if the policyholder maintains an active insurance policy.
Universal life insurance is another type of life insurance policy that is available. This type of life insurance gives policy owners more control over their premiums. Universal life insurance is more flexible than other insurance options. This type of insurance provides the beneficiary of the policy a death benefit and provides permanent protection for the dependents on the policy.
Looking at the Facts
Term life insurance is the least expensive insurance option and easier to understand. Whole life insurance provides a cash value savings element a policyholder can use or borrow. Whole life insurance offers a tax-advantaged estate planning benefit.
At Avanti Insurance Services, we offer a variety of insurance solutions and annuity products. We take pride in our excellent customer service and reliable insurance solutions. Contact us or visit us today to learn more information about our insurance coverage options and annuity products. We look forward to helping you find suitable insurance coverage.