Life Insurance

Purchasing life insurance can seem intimidating, but the expert team at First American Insurance Services can help you determine the right coverage for the right price. With multiple types of life insurance to choose from, you can ensure that your financial obligations are handled and your family supported.

There are two main types of life insurance. The first is term life insurance, meaning the policy lasts for a specified time (the “term”) and then is either discontinued or renewed. For example, if you’re the primary earner for your family, you could purchase a 20-year term policy to ensure that expenses like childcare and education are covered until the kids grow up and move from home. Term life insurance is typically cheaper because of its fixed length. Some term life insurance plans can also be converted to permanent life insurance plans.

Opposed to a term plan, a permanent life insurance plan is just that: permanent. This type lasts your entire life. It pays a death benefit and carries either a savings or investment account that receives interest or dividends. Premiums for permanent plans are typically higher than term plans, but the rates for permanent plans remain fixed, regardless of age. Another advantage to a permanent plan is that you can borrow funds from it even if your credit isn’t great.

Permanent life insurance plans can take multiple forms, including whole or ordinary, universal or adjustable, variable, and variable-universal. Essentially, these vary in the type and use of the savings account and the flexibility of the death benefit.

Give us a call, e-mail, or stop by and we’ll be glad to discuss a life insurance plan that fits your needs!