Many individuals consider Life Insurance as part of their financial planning.  Life Insurance can be purchased to help with the financial burden your loved ones may face in the event of your passing.

There are several types of Individual Life Insurance to consider: Term Life, Whole Life, Universal Life and Variable Life Insurance.

Term Life – this is typically the most inexpensive and simplest option.  Term Life Insurance provides coverage at a fixed premium over a specified period of time.  Most Term Life policies can be converted to a permanent option.

Whole Life – this is the most common type of permanent insurance.  This policy guarantees the death benefit for the lifetime of the insured along with building cash value for savings.  Premiums remain constant for the duration of the policy.

Universal Life – these policies are designed to be more flexible than Whole Life Insurance.  The flexibility of a Universal Life policy allows you to change certain aspects of the plan to accommodate for changes in your life.

Variable Universal Life – with this policy you get the same benefits of a Universal Life policy; but in addition you are able to take advantage of potential economic growth in the stock market.  Instead of creating cash value for savings, the value of your policy is invested in funds that reflect the performance of the stock market.  With this policy you assume the risk and responsibility of monitoring your own investments.

Contact Specht Insurance Group, Ltd to discuss Life Insurance and which policy is right for you!