Life’s present and future uncertainties necessitate adequate financial and physical preparations, especially for your dependents. Life insurance prevents your loved ones from having financial insecurities when you pass away. By understanding which type of insurance you need and how to get each, you’ll set a good foundation for your loved ones.
Types of Life Insurance
Get to know the different life insurance available in Monroe, CT.
Whole Life Insurance
Whole life insurance from Fida Insurance Group covers your life through the regular premiums you’ll pay. Get a cash value benefit from the premium paid into the account, which may accrue some interest while still holding the premium. Though its premiums are slightly higher, its timeless feature makes it an excellent option for those who want a lengthier and continuous policy.
Term Life Policy
Term life policy is for a fixed term where the policy runs at a fixed rate. It suits people with a specific plan for the insurance policy’s period, like getting the policy for your employment years. You get to set the time and amount for the policy period, making it more affordable than other insurance types.
Variable Life Insurance
Variable life insurance offers you coverage as well as cash value. You invest in various accounts that determine how much interest they’ll earn. It’s a medium-risk option as you can lose your premiums, benefits, and cash value.
Factors To Consider When Choosing Your Insurance
To get the best out of a life insurance policy, consider understanding the basics of each insurance. Run the pros and cons of each policy against your goals. For example, get a term life policy if you are more interested in guarding your working years.
At Fida Insurance Group in Monroe, CT, we take the time to understand your needs and guide you accordingly on your insurance path. Act now and protect your loved ones with a life insurance cover.