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Term life insurance, whole life insurance, universal life insurance, variable life insurance, survivorship insurance… the list and combinations seem endless. Do you know which life insurance policy type is right for you? At Sanford Insurance we can help. Our dedicated team of Maine life insurance professionals understands Maine’s market and regulations and can find the right plan – or mixture of plans – for your specific needs.
By purchasing life insurance, Portland residents, and residents across the state can make sure that they provide for their family, even in dire circumstances. Maine life insurance benefits can be used for a variety of applications, including funeral costs, replacement earnings for lost wages, or even education benefits for children.
Term Life Insurance Basics:
- Coverage for a “term” or period of your life.
- Lower premiums for higher coverage.
- Rates can change after specific terms expire.
- No equity – cannot be used as cash value.
Whole Life Insurance Basics:
- Exactly like it says – permanent, not for a specific period.
- Protection carries with you your whole life.
- Can build equity and have cash value.
- Higher premiums than term life, but can be more valuable in the long run.
- Build lifelong base of whole live coverage.
- Supplement specific times of your life with term insurance.
Term and Whole Life Combined:
When to choose term life?
Most people choosing term life have a strategy for long term net worth. They need specific coverage for a period of their lives to protect debt, loved ones, and children. For a homeowner with children it may make more sense to have a term life policy that covers the mortgage and living requirements until their children are old enough to provide for themselves – in this case the term would expire around the time your children move out.
When to choose whole life?
Whole life can be used in the retirement years as cash assets. It can provide equity for loans and have fixed payments that do not increase with time. Often times whole life policies will pay dividends - although not always.
Give us a call and let one of our expert life insurance specialists get you started on the right path. Contact Sanford Insurance for more information and get your free Maine life insurance quote today!