Life insurance
Life Insurance is one of the primary foundations of financial and security planning for your family. When tragedies occur, you want to ensure that your family and loved ones are taken care of financially. Life insurance comes in when situations like this arise. Unfortunately, this is overlooked. Many families don't have a life insurance policy or not enough coverage. At Bob Oetting & Associates we will explain the different types of Life Insurance available and help you protect your family at an affordable price. Be sure to check out our Home Insurance and Auto Insurance policies.
Term Life Insurance
Considered the most basic form of life insurance, term basically involves you paying a premium to receive a death benefit that goes to your beneficiaries upon your passing. This is usually paid off in a lump sum, although you can choose monthly payments or annuities.
Universal Life Insurance
Just like Whole Life Insurance, some of your premium fund the cash value and the death benefit. However, with this policy, you can change the the death benefit and premium amount whenever you please! What's even better is that you don't have to sign a new policy to do so.
Whole Life Insurance
Similar to term, Whole Life Insurance has a death benefit as well. However, it also has a cash value. The premiums you pay will partially be used to fund the cash value. However, majority of it goes to fees and maintaining that death benefit. This can cost 6 to 10 times the premium of a term life insurance policy.