Life Insurance Policies to Fit Your Needs

No two lives are the same, and neither are the needs of loved ones upon a person’s death. Life insurance pays a sum of money to a designated party upon the life insurance policy carrier’s death. There’s no better way than life insurance to ensure that you don’t leave any financial burden with your loved ones when you pass.

happy couple laughing in living room

Britton & Britton understands life insurance. We’ll find the policy that balances your budget with the needs of those you hold dear. We can help you decide what you need to plan for in the future based on

What Type of Life Insurance Works For Me?

Whole Life Insurance

Whole life insurance is a permanent life insurance policy that pays upon the death of the insured. Those who opt for whole life insurance can enjoy:

  • Cash Value
    As you pay your insurance premium, your life insurance company will consider your policy cash value against which you can borrow and withdraw money during hard times. Cash value will continue to accumulate until it reaches the value of your policy.
  • Fixed Premiums
    Your premium will never change no matter your age or health. You’ll pay the same amount monthly over the life of your policy.
  • Increased Benefits
    Benefits can grow beyond the value of the policy. Beneficiaries will always be able to receive at least the face value of the policy upon the policyholder’s death.

Whole life insurance is great for those in good health who want to be able to increase the value of their policy without worrying about increased premiums.

Term Life Insurance

Term life insurance is nearly identical to whole life insurance except that it covers the insured only for a predetermined amount of time called a term. After the end of that term, the policyholder must choose to drop life insurance coverage or renew coverage under a different set of provisions and premium rates. Term life insurance is perfect for those who are looking to get financial assistance at a lower rate or as part of a retirement plan.

Term life insurance is perfect for those who are looking to get financial assistance at a lower rate or as part of a retirement plan.

Universal life insurance is another kind of permanent life insurance that accrues cash value from premium payments made over the cost of insurance.

Universal Life Insurance

Universal life insurance is another kind of permanent life insurance that accrues cash value from premium payments made over the cost of insurance. Universal policies also earn interest but are debited monthly for charges and fees because of their cash value. Interest rates are determined based on the contract you make with your insurance company.

This type of policy is useful for those who want to be able to use the cash value of their policy as a major crisis or emergency fund and still have the flexibility to provide benefits upon death.

Retirement Planning

A good life insurance policy with investment opportunities can also help you plan for retirement.

Life insurance policies that turn into cash over time are a great opportunity to add to your additional retirement accounts. Simply pay your premium until the cash value of your life insurance policy negates the need to pay a premium.

Once you retire, you can withdraw the cash value of your policy as a tax-free loan for retirement. The loan will not require repayment since you have already paid the cash value, but your life insurance policy will no longer pay out upon death. This strategy can be risky, so be sure to talk to your Britton & Britton agent about how your life insurance policy can help you plan for retirement.

Once you retire, you can withdraw the cash value of your policy as a tax-free loan for retirement. The loan will not require repayment…

Call us today at 512-334-6330 to speak with a Britton & Britton agent about what life insurance policy works for you!