Security Insurance Group

Security Insurance Group

Greeley, Colorado's Top Rated Local® Insurance Group

In recent blogs, we’ve been covering some common misunderstandings about life insurance. This week, we’ll look at two types of insurance and explain the differences. When you are shopping for life insurance in Fort Collins, be sure to call Security Insurance Group and speak to an independent agent.

Term Life Insurance

Term life insurance is meant to give you coverage for set amounts of time, anywhere between one and 30 years. If you are older and think that term life insurance doesn’t make sense, remember that you can choose to have it pay out to a beneficiary. Most term policies are level policies, as opposed to decreasing policies. With a decreasing benefit, the amount of the death benefit decreases over time, and with a level policy, it does not. The cost of term life insurance will depend on the age and health of the insured at the time the policy is taken out, and some policies will be more expensive.

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Permanent Life Insurance

Permanent Life insurance has benefits that may surprise you. One benefit is that, once you purchase a permanent life insurance and you continue to pay your premiums, your coverage can not be canceled. This fact means that, no matter how your insurability changes, you will have coverage. The premium rates that you lock in at the time of purchase will stay steady. They will never go up. Permanent Life insurance can be seen as a type of savings account that you can tap into when other sources of income taper off as you age or become sick. There are fewer restrictions on withdrawing money from a permanent life insurance as well. When you are planning your retirement, it is important to be able to calculate your expenses precisely, and this steady premium is helpful when doing that.
To learn more about life insurance, call an independent agent at Security Insurance Group.

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