Life insurance is not a requirement by law for Shelton, CT residents, though many choose to invest in this protection for their family’s financial well-being. Permanent life insurance is an option often selected for its reliability.
This type of coverage lasts the duration of the person’s life from the point at which they purchase the policy until they pass on. This is in contrast to term insurance, where there is a set period for which the insurance is in effect.
You must be in good standing with your insurance policy at the time of your death, which means your premiums must be current and paid. Your beneficiaries are entitled to a death benefit under this arrangement.
Additionally, there is a component of permanent life known as cash value. Over time, your policy accumulates savings when you make your payments consistently year after year, and these can be borrowed against.
The outstanding loan amount will be deducted from your death benefit if unpaid and you pass away. A Goodman Insurance Inc. specialist can help give you additional information about your particular situation.
Unlike the cash value, the death benefit is a predesignated amount determined when you purchase your indemnification. Premiums are typically more expensive than term life because the likelihood of a payout is more certain.
You can choose whole life, a type of permanent life insurance whose terms on death benefits and premiums stay fixed, or universal, which allows you to adjust these features. Variable universal life insurance has an investment component to maximize savings.
Goodman Insurance Inc. Can Help
Serving the residents of the Shelton, CT area, we provide quality insurance products for our customers. Contact us by calling, stopping by the office, or visiting us online. We look forward to working with you.