Life Insurance
Life insurance covers your family's needs
in the event of your death, from funeral expenses
to ongoing financial requirements. There are
several types of life insurance that offer
different coverage and payment options. Before you
decide which works for you best, you should
know:
How
Life Insurance Is Typically Used:
For any immediate
needs at the time of death, such as final illness
expenses, burial costs and estate taxes. For funds
for a readjustment period, to finance a move, or
to provide time for family members to find a job.
For ongoing financial needs, such as monthly bills
and expenses, day-care costs, college tuition or
retirement
Term
Insurance
Term insurance provides coverage for a
specific period of time. It pays a benefit only if
you die during the term. Some term insurance
policies can be renewed when you reach the end of
the specific period. Others give you the ability
to reenter. The premium rates increase at each
renewal date or each reentry. Many policies
require that evidence of insurability be furnished
at reentry for you to qualify for the lowest
available rates.
Initially, premiums are
generally lower than those for permanent
insurance, allowing you to buy higher levels of
coverage at a younger age, when the need is often
the greatest.
Whole
Life
This is the most common type of permanent
insurance. The premiums for a whole life policy
must be paid as scheduled in the amount indicated
in the policy. These premium amounts remain
constant over the life of the policy. The death
benefit and cash value are guaranteed as stated in
the policy if premiums are paid when due and there
are no loans or withdrawals outstanding at the
insured's death. Quite often dividends may be
credited to this type of
policy.
Universal Life
This variation of
permanent insurance allows you, after your initial
premium payment, to pay premiums at any time, in
virtually any amount, subject to certain minimums
and maximums. You can also increase or reduce the
amount of the death benefit more easily than under
a traditional whole life policy. Typically,
current interest rates are credited to the cash
value in this type of policy.
About Us
Bretz Insurance Agency
456 W Main St Suite N
Mesa, AZ 85201