In life, as well as in life insurance, everyone's hopes, needs, wants, and dreams are not the same. That is why it is best to consult an agent from Team Pryor Group to assess your needs and help you find a policy that is right for you.
A life insurance policy is a contract with an insurance company. In exchange for your premium payments, the company provides a lump-sum payment, known as a death benefit, to the beneficiaries upon the death of the insured party. Typically, the policy's value is based on the needs and goals of the owner.
Employers often offer life insurance options to their workers through a group plan. Workers also can arrange their own policy outside of the group plan.
Term vs. Whole Life Insurance Policies
When you opt to have a life insurance policy, you have two options for the way the policy is structured. It can be a term policy or a whole-life policy.
With a term life policy, you are covered for a set number of years at a specified rate. Typically, the time frame is 10, 15, 20, 25 or 30 years. Once the policy expires, a new term policy can be put in place at a rate negotiated at that time.
Whole life policies provide permanent coverage with guaranteed premiums and a guaranteed cash value. The policy does not expire, the premium does not increase, and the guaranteed cash value continues to build if you choose to cash it out rather than using the death benefit.
Choose Between a Group or Individual Policy