The primary purpose of life insurance is to reduce the risk of financial loss due to the death of an individual and to provide financial compensation to family members, business partners, charities or other beneficiaries at the time of the insured’s death.
There are different choices available for insurance protection, and the right coverage depends on the individual. It is always best to explore your options with a financial advisor to help you select the coverage that is right for you and your family.
What life insurance options are available to me?
As the name implies, term insurance is available for a limited period of time, or terms. These terms can be 1, 5,10, or 20-year increments and available until you reach a certain age. This type of life insurance is intended to provide maximum coverage for the lowest initial premiums with rates remaining the consistent for the length of the term. Rates are re-calculated at the end of each term and based on your current age.
Guaranteed renewable and convertible term insurance allows you to renew your policy regardless of your current health situation. You can also convert portions of your term coverage to permanent insurance without additional medical underwriting and lock in the premium rates for the remainder of your life.
Permanent insurance also known as cash value life insurance is designed to provide stable protection throughout your entire lifetime. Permanent insurance is available in two types, each with unique features and benefits and should be considered a foundational product in either your personal or business planning.
Protect your loved ones and those around you with a comprehensive life insurance policy. Speak with Synergy Life Financial today to determine what policy type is best suited to you. You can rest easy knowing that you’ll get our expert advice, and a policy that financially protects the ones you hold dear.