If you have people that depend on you financially, you constantly worry about them. It's essential to understand the various aspects of existing life insurance policies before deciding on the coverage to pick for you and your loved ones. The following are different detailed coverage policies available at KeyLife Principle Brokerage in Kentucky.
This coverage policy covers a stipulated period of time. It gives a death benefit in case the insured dies during the specified time frame within the policy. It also has some added benefits that may be attached to it if the policyholder wishes to cover the spouse and children. In case you terminate the policy, there is no benefit of a surrender value as it lacks a cash value.
Term life is cheaper than most policies due to lack of a cash accumulation value.
This policy provides a death benefit for as long as the policyholder pays the premium payments on time. It has level premiums and accrues cash value that is tax-free at a guaranteed rate. This policy matures once the cash value reaches an equivalent value to the death benefit.
Universal life insurance policy provides the insured with a death benefit for their entire life. It offers a more flexibility in premiums and death benefits as compared to whole life policy. Its cash value grows tax-deferred based on interest rates and their growth based on the performance index. This allows the policyholder with the approval of the underwriter to increase the policy's death benefit to include a portion of cash value. Premiums can also be reduced over a period of time and even stop making premium payments altogether when the cash value grows sufficiently.
At KeyLife Principle Brokerage in Kentucky, we help our customers acquire an insurance policy that meets their specific needs and lifestyle. Visit or give us a call today to protect those closest to you.