Keeping The Best Life Insurance Policy

​Maintaining life insurance is not something most people make a priority. In the case of the people who are willing to take the risk, it is still an uneasy topic. It needs careful planning, analysis, and assessment of one’s status whether a policy is still needed.

Types Of Permanent Life Insurance Policy
There are two major types of Term Insurance:

• Level Term
• Decreasing Term

While the other one is the Whole Life or Permanent Insurance that have three kinds:

• Traditional Whole or Ordinary Life
• Universal or Adjustable Life
• Variable-universal Life

Level Term is preferred by most insured since the death benefit is stable throughout the policy’s duration. While Decreasing terms drop, its death benefit usually increases in the duration of the policy.

On the other hand, Whole Life or Permanent Insurance has different characteristics and provides additional benefits and risks. Traditional or Ordinary Life offers a savings account with the policy.

Universal or Adjustable Life Insurance offers the flexibility of each payment with additional features. Such as an increase in death benefit and a savings vehicle that may cover payment in case of economic changes. However, the coverage of a savings vehicle is only limited to the amount it currently has and can sustain.

Variable-universal insurance contains all features of an Adjustable policy but with a savings account that is used as an investment. This policy grows quickly, but the cash value and death benefit may decrease if the investment does not perform well.

Conclusion
The best life insurance to keep for a person depends greatly on the factors above. Without careful planning, analysis, and research, you could choose a policy that is not correct for you. Be sure to contact your agent to help you find the best fit for your needs!

At The Modern Medicare Agency, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (631) 358-5793. You can also request a free quote by CLICKING HERE.