Learn how to compare life insurance in Lombard.
Purchasing life insurance is a wise investment because it’s a smart move to keep your family secure after you’re gone. However, choosing the right policy can be confusing. There are lots of different types of policies that all offer different coverage. How do you pick the life insurance policy that fits your needs? Compare the pros and cons and determine how they factor into your lifestyle. Check out this guide to comparing life insurance in Lombard to find the right policy type for your needs.
Term Life Insurance.
When it comes to life insurance, your two main options are either a permanent policy or a term policy. Term policies offer guaranteed benefits and premiums remain constant throughout the term of your policy. Additionally, they’re generally a more affordable type of policy. However, on the downside, term policies aren’t guaranteed for life. They’re only good for the term of the policy. If you outlive your policy, you have to take out a new policy for another term to get benefits.
Whole Life Insurance.
Whole life insurance is a type of permanent life insurance. Under this type of coverage, you’re given lifelong, guaranteed protection. Additionally, your policy affords you the option of building cash value that you can then access if needed. But, keep in mind that these policies tend to be more expensive and once you take out a policy, you’re locked in at that specific premium.
Universal Life Insurance.
Universal life insurance is a great way to get the protection that you need as your needs change. This type of policy is very flexible. You get lifelong protection, and you build cash value just like a whole life insurance policy, but you have the flexibility to change your policy coverage and payments. The only catch is that you must stick to certain predetermined conditions, or you may not be guaranteed death benefits.
Do you want help finding the right life insurance in Lombard? Contact the professionals at Steve Wilk Insurance Agency for assistance finding the best insurance for your lifestyle. Located in Illinois, we serve all your personal and commercial insurance needs.