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PERSONAL LIFE INSURANCE - TERM, UNIVERSAL, AND VARIABLE

Simply put, personal life insurance is an individual policy that you hold, pay for, and get to keep no matter where you go in life. There are several different types of life insurance, including term, universal, or variable. Here’s a breakdown of what each type of life insurance is and how it works: 

  • Term Life Insurance - This is the simplest form of life insurance, and it provides a temporary life insurance protection on a limited budget. That means, you buy coverage for a specific period of time, and pay a specific price for that particular coverage. 
  • Universal Life Insurance - Unlike term life insurance, universal life insurance is permanent, and provides flexible premiums and death benefits. You are able to reduce or increase your death benefit, and pay your premiums, at any time, in any amount. Having the ability to adjust the face value of your coverage without changing your policy is a main advantage of universal life insurance. 
  • Variable Life Insurance - Variable life insurance is a permanent life insurance product that has separate accounts made of stocks, funds, bonds, and more. They come with certain tax benefits and can even earn interest. 

When it comes to personal life insurance, we know it’s a big decision to make. Our financial experts here at Burr Capital Advisors are here to outline each of these different types of life insurance for you so you can better understand what they are and how they work. From there, we take the time to understand you and your needs, and help you decide which kind is best for you. That way, you can feel informed and confident about your decision by truly understanding the ins and outs of the options you have. For more information, please feel free to give us a call today! 

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This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent.
This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.