Life Insurance In Pennsylvania
If you are looking for ways to keep your family protected after you are gone, life insurance is a worthy coverage option to consider. Navigating it can, however, get challenging, given the various options that it comes with. Fortunately, this is an area that Bridgeway Insurance Group specializes in. Here is an easy guide detailing the various coverage options under life insurance.
Term Life Insurance
Term life insurance refers to insurance that protects you for a given period based on your needs. The longer the duration, the more benefits you will get, making it ideal for Pennsylvania policy seekers who get it during their younger years. Unlike other life insurance policies, term life insurance gives you the flexibility to be converted to a permanent policy. This especially comes in handy when you need a retirement plan, allowing you to reap the benefits from its increased value.
Permanent Life Insurance
Permanent life insurance is the second type of life insurance which is often subdivided into three options.
Whole Life Insurance
The first is whole life insurance that covers you for your entire life. Benefits of this policy are paid out to your dependents when you pass away, with the option of getting its accumulated value also possible if you cancel it before the required time lapses.
Universal Life Insurance
Universal life insurance resembles whole life insurance, with the only difference being that your premiums earn value from market interest rates. Based on your needs, you can also vary your premiums as well as the death benefits.
Variable Life Insurance
Last is variable life insurance that allows you to invest your funds in your preferred investments. If you settle for this option, make it a point to do thorough research to ensure you reap its benefits.
For a chance to get the life insurance policy that caters to your needs, contact Bridgeway Insurance Group today. Our Pennsylvania agents will help you get started on your insurance journey.