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Perrysburg, OH 43551

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Life Insurance

Life insurance is a contract between an insurance company: in exchange for monthly premium payments, the insurance company will provide a lump sum upon death. The beneficiaries of such insurance policies are typically the spouse or next of kin, with most insurance companies allowing you to designate the person who will receive the lump sum payment.

Regardless if it's a term life insurance or permanent life insurance that provides lifetime coverage, the benefits, and lump sum are usually tax-free. Unfortunately, life insurance can be complicated as there are many different varieties to choose from. If you need help deciphering the process and to select the right sort of coverage, contact Brown & Brown Community Advisor Team toll free at (855) 581-1076.

Different Types of Life Insurance

Term or whole life insurance. As mentioned, term life insurance will offer coverage for a set amount of years, while whole life insurance is much more permanent. They are typically one of the more common decision people will have to make when it comes to purchasing life insurance.

Universal health insurance. Universal life insurance is a bit different, as it offers a type of cash value. You can change the premium and the death benefit amount without requiring a new policy to be reinstated. This translates to you being able to use the cash value to pay off the premium, allowing the accrued interest to pay off monthly premiums. However, keep in mind that the interests are tied to the current market interest rates, making them potentially volatile compared to other types of life insurance.

Even though you are allowed to not designate a beneficiary, your state may intervene. For example, if the beneficiaries have died, companies may automatically pay the proceeds to your spouse or the next of kin without further intervention.

To learn more about obtaining the right life insurance policy, contact Brown & Brown Community Advisor Team toll free at (855) 581-1076.

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