A Whole Life Insurance Policy in Alliance Ohio is one of two types of permanent life insurance policies. This option has many benefits and only a few minor drawbacks. It provides beneficiaries with a lump sum death benefit when the policyholder dies. That allows individuals to continue to care for family members after their death. The money could be used for final expenses, debts, and replacement of income.
Policyholders select the amount of the death benefit at the time the policy is established. The premium is determined based on that amount. Other factors that contribute to the cost of the monthly premium include the age and health of the individual, occupation, risk assessment, and family medical history. Once the monthly premium is set, it will not change in price as time goes by. That makes the premium easy to budget into monthly expenses.
Another benefit of a whole life insurance policy in Alliance Ohio is that the policy also provides a tax-deferred cash value that can be borrowed against, if necessary. The policy becomes an asset that can be utilized in an emergency. The other type of permanent life insurance is a Universal policy that also accumulates cash value. The difference between the two types of policies is that the Universal one provides more flexibility. Policyholders can alter the amount of coverage as life changes occur. It is important to note that the premium for this type of policy is not fixed, but moves up and down as changes are made.
Understanding the options for life insurance policies help individuals and couples decide which one will best suit their needs. An independent life insurance agency will have agents that will take the time to explain each type of policy available, answer any questions, and find customers the best coverage at the best premiums. This is accomplished by discovering the specific needs and desires of customers, researching several different carriers, and presenting feasible solutions. Customers can then make informed decisions based on the information provided, their goals for the future, and their current budget for premium costs. Those interested in finding the right life insurance policy can check out Hatherill Insurance Agency for detailed information, to get free quotes, or set up an appointment with an agent.
