What Kind Of Life Insurance Do You Need?

Life insurance is essential to protect your loved ones, especially the older you get. But there are several different kinds, and it can be hard to understand them all. Here’s how to know what type of life insurance you need and how to get quality life insurance in St. Augustine, FL. 

Whole Life Insurance 

Whole life insurance offers a one-time, lifelong, permanent policy that costs more each month but doesn’t require renewal. It builds cash value over time, but term life insurance tends to be less expensive ongoing. 

Universal Life Insurance 

This is an uncommon type of life insurance that allows you to change a permanent policy in the future and usually costs less than whole life insurance. That said, you’re not guaranteed that your policy’s cash value will grow as it does with whole life coverage. 

Term Life Insurance 

Term life insurance is the most common coverage type and is affordable and easy to get. You can purchase a policy that lasts only a few years or up to 30, depending on your age and current health status. But if you live longer than your policy, you’ll have to take out a new one. This is usually a lot more expensive later in life. 

Variable Life Insurance 

A variable life insurance policy has both fixed premiums and a guaranteed death benefit, but it’s also tied to investment accounts like stocks, bonds, and mutual funds. You could do very well, but you’ll have to be involved in managing your account, since its cash value will fluctuate along with the market. 

Need life insurance in St. Augustine, FL? Tim Huber Insurance serves your area. Call now at (904) 824-2555.