It’s the responsibility of a husband or wife to do their best to protect their family, right? Although many agree on such a duty, a lot of men and women still live their lives without any degree of life insurance. Having life insurance is the same as having health or automobile insurance. The goal is to take precautionary measures in case some unforeseen event should ever occur. The following are the options that may be available from a Life Insurance Provider in Kansas City KS:
A Whole Life Insurance Plan
This plan provides permanent coverage for the person who is insured. An insurance provider may offer a person a plan with a particular premium and interest rate. The premium is paid to maintain the lifetime coverage. The agreed interest rate refers to the “cash value” carried by the particular policy which remains tax-deferred until the end of the contract or until the money is withdrawn.
A Universal Life Insurance Plan
For some people, a whole life insurance plan from a provider is just too much of a commitment. The cost for such a plan might be one of the reasons people refrain from signing up. However, a universal life plan is a unique take on whole life insurance.
For starters, it too is a permanent policy that lasts until the insured party is deceased. Universal life plans also come with cash value investments and premiums. However, with universal life insurance, premiums, and cash values are adjustable. Talk with a life insurance provider in Kansas City KS about this particular plan.
A Term Life Insurance Plan
Term life insurance plans are some of the most common types of plans and are very popular. This insurance plan isn’t exactly like whole or universal life insurance. For starters, just like the name suggests, these policies only last for a specific amount of time – usually no more than 30 years. However, term life insurance plans offer the same amount of coverage, just at a higher cost.
Speak with representatives at BPM Insurance to learn about the other insurance options that are available. Again, permanent options, such as whole and universal life insurance, are designed to offer protection for the life of the insured. Term life insurance is temporary and generally costs a little more than similar policies.
