Life Insurance Policies

The Basics of Life Insurance

There are many different types of life insurance, but they generally fall into two categories: term insurance or permanent insurance (such as final expense).

Term Insurance policies are typically designed for a specific time frame of 5, 10, 15, 20 or 30 years. The premium is lower than permanent life insurance and is a fantastic way to cover a large need for a specific period of time. For example, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as a home mortgage.

Permanent Insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid out to beneficiaries. Permanent life insurance accumulates cash value and is priced for you to keep it over a long period of time. Sometimes people add on a long-term care rider for those needs rather than a traditional long-term care policy. There isn't one kind of life insurance better than another. Sometimes people carry a combination just depending on their unique circumstances and financial goals.

The best way to figure out what type of life insurance is best for you depends on your unique situation and to meet with a qualified and licensed life insurance professional to run a needs analysis that lines up with your goals. This is why you should schedule an appointment at Martinson Insurance Agency LLC to find the right life insurance policy for you. Call our fully licensed independent agency at (701) 203-0779.

Affordable Life Insurance Policies Available

Download and fill out the life insurance analysis workbook below to determine how much life insurance you need to protect your family's standard of living.