Life Insurance Quote Forms
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Life Insurance Information
Life insurance provides beneficiaries of the policy with a cash death benefit after the insured person dies. This type of insurance may help your loved ones pay final expenses, provide for everyday living expenses, or boost their savings to increase their financial stability. Beneficiaries of a life insurance policy can use the funds, and the money isn’t taxable.
At the Mark Bruns Agency in Erie, Pennsylvania, our agents understand how life insurance can contribute to the financial stability of your loved ones. Contact us today to learn more about your life insurance options and get a custom quote.
How Does Life Insurance Work?
Your life insurance policy is a contract between you and the insurance company. As the policyholder, you pay a premium with the understanding that if you die while the policy is in force, your loved ones will receive a predetermined cash benefit.
After your death, your beneficiary submits a claim to receive the payment.
What Types of Life Insurance Are Available?
You can choose between two main types of life insurance; term life and permanent life.
Term Life Insurance
A term life policy provides a death benefit of a set amount in exchange for regular premium payments. This life insurance is the least expensive option.
With term life, you decide how long you want coverage. A term policy lasts five, 10, 20, 25, or 30 years.
Some term life insurance policies are convertible. The policy owner can exchange their term policy for a permanent policy if they agree to pay a higher premium. The policy owner doesn’t have to go through a medical exam to get coverage with a convertible policy.
Permanent Life Insurance
A permanent life insurance policy combines a death benefit with a savings component. You pay a single premium (monthly, quarterly, or annually). A portion of that money pays for the life insurance policy, while the rest of the premium funds the savings portion of the account.
Over time, the savings component of a permanent life insurance policy builds value that the policy owner can eventually borrow against. It’s possible to cash out the policy and receive the value of the policy minus fees if you no longer need the life insurance coverage.
With permanent life insurance, the coverage never expires. So long as you pay premiums, you can’t outlive the life insurance coverage.
Other Types of Life Insurance
There are many types of permanent life insurance, each of which may work well in specific situations.
Whole or ordinary life insurance: This policy provides a savings account plus a death benefit. Premiums stay the same throughout the life of the policy, and the savings portion grows based on dividends received from the insurance company.
Universal or adjustable life insurance:
This life insurance is more flexible than whole life insurance. You have the option to increase your death benefit if you agree to a medical exam. The cash inside this life insurance policy earns interest at the money market interest rate. You can alter premium payments when there’s enough money in the savings portion of the policy to allow this change.
Variable life insurance:
This type of life insurance allows the policy owner to invest the savings portion of the policy in mutual funds, stocks, bonds, and money market funds, according to their preferences. Some variable policies guarantee that the value of the account will not decrease, even if the investments lose value.
Variable-universal life insurance:
This policy combines the features of a universal life insurance policy with the features of a variable life insurance policy. Policy owners may have the option to adjust death benefits and premiums. They also have control over the investments inside the savings portion of the policy.
Get a Life Insurance Quote Today
Call the life insurance experts at the Mark Bruns Agency today to get the life insurance coverage you need. Our agents can help you decide which policy may best meet your needs and help you get a custom quote.