News

National Life Insurance Day

By Dan Coder, Superior Insurance Services

“Life is what happens while you’re busy making plans.” – John Lennon

May 2 is the anniversary of the day life insurance became available in the United States in 1759. Life insurance was put in place more than 250 years ago to help people pay their loved ones’ funeral expenses and the ongoing living expenses of survivors.

 

Today, it’s almost unthinkable to not have some form of life insurance. The five types of life insurance are term, whole, universal, variable and universal variable.

  1. Term life insurance gives the most basic, generally least expensive, “just-in-case” protection to cover mortgage expenses or college tuition.
  2. Whole life insurance gives lifelong coverage with set premiums and benefits.
  3. Universal life insurance gives a lifetime of coverage with flexible premiums and benefits.
  4. Variable life insurance gives fixed premiums and control over the policy’s cash value.
  5. Universal variable life insurance is the most aggressive type. There are several investment options, but no guarantees on policies beyond the original face value death benefit.

 

Which type of life insurance is right for you? When getting a quote, some questions to ask:

  • Do I need it?
  • How much do I need?
  • How long will I need it for?
  • How will my policy change as I age?
  • Are there living benefits?
  • What doesn’t my policy cover?
  • If my health changes, will I still be eligible for coverage?
  • What about disability?

 

Your insurance professional can answer all your questions and help you make an informed choice on life insurance coverage. Call or email me for a Superior life insurance quote: 419.879.3505, dcoder@superiorcuso.com.

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