Protection for Peace of Mind
Simply stated, life insurance is protection for you and your family’s peace of mind. Only one question needs to be answered when considering purchasing life insurance: would your family be able to maintain their current standard of living if you died prematurely? As hard as it is to have to think about, it is important to have a plan. Life insurance protects those who depend on you financially.
Term Life Insurance
This type of coverage is the most basic type of life insurance and often the most affordable. Covering only death benefits, this policy is most popular with people who have a low probability of passing away in their current condition.
Increasing/Decreasing Term Life Insurance
The death benefit in these types of policies either increase or decrease as time goes on. Regardless of which type you choose; however, the premium usually remains a constant.
Whole Life Insurance
This type of insurance covers a person for the rest of their life, as stated in its name.
The premium tends to remain the same, regardless of what age you decide to purchase the policy and how long you pay for it.
Permanent Life Insurance
This type of insurance provides both a death benefit and an accumulated cash amount which you can use as you wish. There are many types of permanent life coverages, so be sure to contact AIM to find out which one is right for you.
Variable Life Insurance
This type of insurance offers all the same benefits as a permanent life policy; however, it also allows the insured to invest in additional equities. These outside investments could increase the amount of money accumulated under this policy.
Universal Life Insurance
This type of insurance also offers all the same benefits as a permanent life policy, but you can choose to pay the taxes on your premium later rather than with every payment. You can also determine how much of your premium will be included in your death benefits.
This type of insurance combines elements from both variable and universal life policies; the insured receives all the same benefits as a permanent life policy, but can also choose when to pay the tax on their premium and invest in additional equities to increase the amount of money accumulated under this policy.
Key Man Life Insurance
Also referred to as corporate-owned life insurance, this policy provides protection against an important loss within an organization, such as the CEO of a business.
Survivorship Life Insurance
These types of policies provide coverage to more than one person and can either provide death benefits after the first or last person on the policy passes away.
Final Expense Life Insurance
This type of life insurance is most popular among senior citizens and provides focused monetary assistance towards funeral costs after the insured passes away.
Still have questions? Contact AIM and we will help you find the perfect life insurance policy for you!