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Term Life: for temporary simplified coverage and no cash value.
Term life is the simplest and least expensive type of policy. It’s pure insurance with no cash value account. A term life policy has only one function: to pay a specific lump sum to whoever you’ve designated, upon a specific event – – your death. The death benefit and the policy limit are the same – – a $200,000 policy pays a $200,000 death benefit. The policy protects your family by providing money they can invest to replace your salary, as well as to cover final expenses incurred by your death.
Whole Life: for permanent coverage, guaranteed premiums, death benefits and cash value growth.
Whole life insurance provides permanent protection for your dependents while building a cash value account.
Universal Life: for permanent coverage, flexibility and less emphasis on cash value.
Universal life insurance provides permanent protection for your dependents and is more flexible than whole life.
How much do I need?
An easy guide is to aim for a policy that will cover 3-6 times your annual income. If your yearly income is $50,000, then a policy from $100,000 – $300,000 should be sufficient. The amount really depends on your personal situation. Additional items to consider are the rate of inflation, college tuition costs, or loans and home mortgages. If you have two children who plan on attending college, current tuition prices range anywhere from $10,000 – $30,000 per year, with the high end range focusing on private universities. Expect that range to increase anywhere from 5-10% within the next 5 years.
Reagle Insurance has a vast array of insurance companies: Banner Life, ING ReliaStar, Lincoln Financial, Prudential, Erie Family Life, John Hancock Life, Grange Life Transamerica, West Coast