Life Insurance
At Voss Insurance, we believe in the value of life insurance. Your life insurance needs change over time – especially at retirement. Don’t set it and forget it. Life insurance can be an integral piece of your financial puzzle and retirement plan. At a minimum, life insurance policies should be reviewed annually or after life-changing events.
Types of Life Insurance
Types of Life Insurance
Term Life Insurance
This type of life insurance covers a period of time such as 10 years, 20 years, and so on. Some term policies end at age 75 or 85. The premiums are fixed (the same) for the duration of the term. At the end of the term, you can often convert it to whole life (permanent policy) and decrease the death benefit, continue another term, or decide to stop paying entirely since premiums tend to skyrocket.
Whole Life Insurance
Just like it sounds, this type of insurance lasts your whole lifetime as long as premiums are paid. Premiums and rates are typically guaranteed regardless of how an individual dies. The policy also accrues cash value (an internal savings account in a sense) that can be used for loans, withdrawals, or to purchase a paid-up policy in the future.
Universal Life Insurance
These policies are typically guaranteed for 10, 15, 20 years. How long the policy stays in force depends on cash value, interest rates, and index crediting. The premiums can be flexible, allowing you to pay minimum monthly premiums or maximum monthly premiums. These policies may need more premiums in later years, come with extra benefits like long-term care support, and accrue more interest than whole life insurance.
