The concept of life insurance is simple: you're protecting your loved ones' immediate and future financial needs when you're not around to help them. But with the number of different life insurance options available, it can be hard to choose the right one for you and your family. Oxford Millin's insurance specialists can help you with this big decision.
There are 2 basic types of life insurance:
Term life insurance
Permanent life insurance
Term Life Insurance
Provides a death benefit for a specific length of time, usually 20 or 30 years. Coverage expires at the end of the term. Term insurance generally provides coverage at a lower cost than other types of insurance and can cover a specific length of time.
Permanent Life Insurance
Offers a death benefit, plus an investment component that may be collected, borrowed or used to pay the policy's premiums. The policy may remain in force for a lifetime, as long as the premiums are paid.
There are three types of permanent insurance:
Whole life insurance - builds value based upon a set schedule. You'll know the exact cash value of your policy on each policy anniversary. (If you take a loan or withdrawal from your policy, of course, the cash value and death benefit will decrease.)
Universal life insurance - earns a fixed interest rate on the cash value in the policy. While the interest rate may change over time, it will never dip below a guaranteed minimum rate.
Variable universal life insurance - lets you invest your cash value in the stock market, so your policy value goes up or down based on the performance of your investment choices. The investment subaccount options in VUL policies are not offered for sale to the general public.
Experience the Difference
Get a quote by calling us at 631-434-6666 (NY) or 215-517-7590 (PA) and learn more about life insurance through Oxford Millin.