Life insurance in Wichita, KS comes in two main categories. Term life insurance policies has an expiration date. These policies renew annually until their term ends. Universal life insurance is permanent life insurance. These policies build cash value and are more flexible than term policies.
Term life insurance has a number of benefits for young families. Term life is an affordable option for parents who want to provide for thier children if they die unexpected. Many parents choose terms that coinside with their children’s graduation from college or the term of their home mortgage. This kind of policy does not build a cash value but it is much less expensive that permanent policies, allowing families to invest their money in other ways. When deciding the coverage amount and the term of your life insurance in Wichita, KS policy, consider what your beneficiaries will need to pay for if you die during the term of the policy. If you have minor children, you may need enough insurance to cover several years of your salary. If your children are grown and self-sufficient, you may only need a policy that covers your final expenses.
Universal Life insurance in Wichita, KS can provide a number of benefits to insured individuals and couples while they are alive. Universal life is flexible enough that you can change your premium payments and coverage amounts if you need to. Life changes such as marriage, divorce and birth or graduation of a child, may mean you need more or less life insurance. Because a universal life policy builds a cash value, you can borrow money without the tax penalties associated with IRA and 401(k) loans. Unlike a bank loan or a loan on your retirement savings account, there are no credit checks or restrictions on how you can use the money you borrow from the cash value of your universal life insurance policy.
The type of policy you choose is a personal decision. There are benefits to term life and universal life coverages. The policy that is best for you depends on your family’s needs and your long-term goals.