Are you shopping for life insurance, feeling overwhelmed at the sheer number of policies and terms? If so, you’re not alone. While insurance policies are a necessity, you can save money by selecting the most appropriate policy for your needs. The first step is locating a trustworthy insurance agent who can assess your situation and help you make the best choice.

Hummel Insurance Service has been providing the southwest Iowa region with quality insurance products since 1944. Below, they outline the different types and terms of life insurance policies available, as well as how they can benefit you.

Term Life Insurance

Term life insurance provides coverage for a set amount of time—generally 10, 20, or 30 year periods. Some people choose term insurance over permanent because they assume that by retirement age, they will have access to retirement funds, their children will be independent, and their liabilities will have decreased. Term life insurance is also considered less expensive than permanent policies.

Permanent Life Insurance

This type of insurance provides lifetime coverage and incorporates a savings or investment portion. The premiums on permanent life insurance tend to be higher than term policies. That’s because a portion of each premium is invested by your insurance company, while the remainder is applied to your insurance premium.

There are two types of permanent life insurance:

• Whole Life: Whole life insurance covers the insured as long as they live. While premiums are generally higher and paid out until death, these policies provide both coverage and savings, which can be borrowed against or cashed out if the insured no longer desires the policy. 
• Universal Life: This form of permanent life insurance is more flexible, as it allows the insured to pay for policies in a lump sum or multiple payments. In addition, coverage amounts can be increased or decreased by the insured.  

If you have questions about the life insurance policy that’s best for you, look no further than Hummel Insurance Services. Aside from life insurance products, they also specialize in home and car insurance. Call them today at (712) 482-6424 or visit their website for more information. Your insurance quote is just a call away!