Besides term life insurance, there are many other types of insurance policies. Another popular type is universal life insurance, which is a form of permanent insurance. This means that coverage can last for your entire lifetime as long as you continue to pay your monthly premium. Universal life insurance also has a cash value component that is totally separate from your death benefit in the event of your passing. So each time you make a payment toward the premium, a small portion of the money is then put towards the cost of insurance (what will cover the death benefit when it’s paid out) and the rest will become part of the cash value that will grow according to an annual interest rate. This extra cash value portion of universal life insurance can be used in various ways, such as retirement savings.
Finding the life insurance policy shouldn’t be overwhelming. Let Buckalew Financial Services help guide you today! Contact us to find out more about how our agents can help you find affordable and exceptional life insurance coverage.