Not everyone likes to think about how life will be for their loved ones when they pass away but it is very important to have life insurance in place and it has many benefits while a person is still living. The insurance agents at Insure It All in Idaho Falls, ID understand just how important life insurance is for people to have peace of mind.

While some people have a life insurance policy through their employment, it’s usually only enough for their funeral and burial expenses with not much leftover at all for their immediate family members. It is good to have a separate policy in place for that very reason.

Reasons to Have a Life Insurance Policy

There are many reasons to have a life insurance policy in place. One of the main reasons is to help your loved ones in the event of your untimely death, especially if you are the main breadwinner of your family. A life insurance policy can help them make car payments, utility payments, and the monthly mortgage payment when you’re gone. It will help them through their grief easier if they don’t have the added stress of financial worries. Life insurance policies can also help you while you are still living to pay off debts before you die depending on the type of policy you choose.

Types of Life Insurance Policies

Here are the three main types of life insurance policies that most people tend to choose from.

Universal Life Insurance

A universal life insurance policy seems to be the most popular choice since it offers a sort of investment-type savings account. While it is a permanent life insurance policy, you can actually borrow from it while you are alive so that you can pay off your house and other bills ahead of time. You can also choose for your loved ones to receive a death benefit from your policy after you die.

Term Life Insurance

A term life insurance policy what only be paid out to your family members if you pass away during the term that the life insurance policy is in effect. It’s a very simple and affordable type of life insurance policy and the length of the term can be anywhere from one to 40 years or longer depending on the term you choose. Keep in mind that once the term expires, though, it will cost you higher premiums to restart the plan.

Whole Life Insurance

A whole life insurance policy is also known as permanent insurance and it will pay a death benefit when you die. There are three major types of whole life insurance which include variable universal life, traditional whole life, and universal life so you can choose from many different versions.

To decide upon which type of life insurance policy is best for you and your family, contact the agents at Insure It All in Idaho Falls, ID today to get your policy started.