Life Insurance in DuBois, PA
When you purchase a life insurance policy, you select a coverage amount based on your family’s potential future needs, name beneficiaries who may receive the death benefit, and make regular premium payments to maintain the coverage.
Life insurance is a financial agreement between you and an insurance carrier designed to offer a death benefit that your designated beneficiaries can apply for when you pass away.
What are the 2 Types of Life Insurance?
Term life insurance can provide coverage for a specific time period—typically 10, 20 or 30 years. If you pass away during this term, your beneficiaries can apply for the death benefit. If you outlive the term, the policy typically expires without value unless renewed or converted.
Term policies generally offer higher death benefits at lower premium costs, making them attractive for those seeking maximum coverage during specific life stages, such as while raising children or paying off a mortgage.
Permanent life insurance can provide coverage that lasts your entire lifetime as long as premiums are paid. Beyond the death benefit, permanent life typically includes a cash value component that builds over time. This cash value may grow tax-deferred and may be accessible during your lifetime through policy loans or withdrawals.
While permanent life premiums are higher than term coverage, the lifetime coverage and cash accumulation features may appeal to those seeking lifelong coverage and an additional financial resource.
The right choice between term and permanent life depends on your specific situation, including your budget, long-term goals and financial responsibilities. The best way to address this is by seeking out insurance professionals who can assist you throughout the process.
Plan for Tomorrow Today
Contact Swift Kennedy & Associates, Inc. to explore life insurance options that fit your DuBois, Pennsylvania, family’s needs. Our experienced team can help you understand how different policy types work with your overall financial strategy and find coverage that aligns with your goals.