Planning for the end of your life may sound concerning, but it’s important to do so before the inevitable happens. As a final act of love, you can ensure your family and loved ones are taken care of when you pass away. Consider term life insurance policies, whole life insurance, and even universal life insurance to set your loved ones up for success after you go.

Term Life Insurance

As the name implies, term life insurance lasts during a specified length — usually up to about 30 years. You can select the amount of the death benefit to fit your unique situation. Should you die during the covered term, the face amount of your policy will go to your beneficiaries. These policies do not accumulate cash value, therefore, you can usually purchase them for a lower premium price.

Universal Life Insurance

Universal life insurance is permanent insurance that can accumulate cash value over time. You can also adjust the policy according to your needs. While a universal life insurance policy rate of return could drop, it also has the potential to earn a higher rate of return than a whole life policy.

Whole Life Insurance

These policies last for your entire life, and you can select the death benefit amount ahead of time to meet your needs. The monthly cost is often higher than a term policy, but every payment increases your equity. You can even borrow against a whole life policy if you need.

Get in touch with the Agency for Retired, Elderly & Disabled today to learn more about your available policies and which option may work best for you.