Life insurance offers your family stability after you’re gone. Choosing the right policy is key in this case, as different policies offer different benefits. Costs can also vary quite a bit, which is often a factor weighed against your needs. The following explains three types of policies and how they provide coverage to the insured. 

Term Life

If you’re in search of a cost-effective coverage option, term life insurance could be your best bet. These policies cover a person for a pre-specified term, which usually ranges from 10 to 30 years. During that time period, you’ll pay premiums, and in the event of your death, the policy will pay out a certain amount of money to your family. While affordable, term life does have a downside in that if you outlive the term, you’ll end up with nothing. You can sometimes convert term life into a whole life policy, but this can be expensive. 

Whole Life

With whole life coverage, there’s no set time limit. These policies also have a cash value component, which makes them a great investment tool. You can specify who you’d like to receive the death benefit after you’re gone, which provides even more financial support to your family. Though premiums for whole life are often a good deal more expensive, you can rest easy in the knowledge that you’ll be covered from the time the policy is implemented as long as you keep paying your premiums. 

Universal Life

Universal life insurance is similar to whole life in that there’s no set term, but these policies tend to be a bit more flexible than others. For instance, you can increase or decrease the value of your coverage after it’s been implemented. You can also alter premium payments, opting to pay a lump sum or even decrease premiums when the need arises. While this is highly beneficial to the insured, these policies are often the most expensive. 

If you have questions about life insurance in Raleigh, NC, contact IGO Insurance to get clear and concise answers. For nearly five decades, this insurance agency has supported local clients by offering affordable insurance products to suit their lives. Along with life and health insurance, they also provide coverage for your home and vehicle. If you’re a business owner, they provide many commercial options to ensure your enterprise remains protected. They also pledge to find you the most cost-effective option available thanks to their strong relationships with more than 15 carriers. Schedule a consultation today by calling (919) 782-1560 or visit the website to get started on a life insurance quote.