Life Insurance 101
There are two main types of Life Insurance Policies: Universal and Term. Contrary to popular belief, one is not necessarily better than the other; it is more about which best fits your individual needs. Many factors should be accounted for while choosing which policy is best for you and your loved ones, including your budget, age, and priorities. Our agents have years of experience consulting with customers and make it their goal to find the best value for your specific needs.
What is Term Life Insurance?
Term life insurance is cost-effective and the easiest way to have a life insurance policy, and this is mainly because Term Life Insurance is temporary. You set the length of the policy at the time of purchase, typically anywhere between 10-30 years. You receive all of the common attributes of a life insurance policy at a fixed premium rate, so it is easy to budget your payments as they do not change over time.
The guaranteed death benefit is also fixed in most Term Life insurance policies. In the case of death, the insurer will pay your beneficiary the same amount regardless of how long your policy has been active. Whether on the first or last day of coverage, the benefit stays the same. Once the End of Term has been met, there are multiple options to move forward with rather than letting your coverage drop. Continuing your temporary coverage to a certain age, Conversion to a permanent plan, or a Renewal in some cases, are all possible outcomes.
Who should get term life insurance?
Most use Term Insurance to help cover the loss of a family’s primary source of income, but it is also used in the following situations:
- Pay for childcare
- The cost of higher education
- Cover funeral expenses, deficits, and other liabilities
- Substitute of a second income stream
- Covering the loss of essential employees
What is Universal Life Insurance?
Universal Life insurance is one of the two forms of permanent life insurance and is referred to as the “cash value” life insurance policy. It is unique because it is an interest-bearing real money account, so there is equity in the policy, and the policyholder can choose when to cash in and take home the cash value. Universal Insurance can be more expensive than Term life but much more economical than whole life insurance plans. It also provides the flexibility of the death benefit, premiums, and cash value for the policyholder to adjust at their leisure.
What are the benefits of Universal life insurance?
- Lifelong Coverage
- Flexibility in your Policy
- “Cash Value” investment
Fill out our contact sheet, and one of our agents will be happy to explain if this is the best Life insurance option for you. Let us give you a quote, help you save on your insurance, and give you peace of mind today!
Life Insurance 101
There are two main types of Life Insurance Policies: Universal and Term. Contrary to popular belief, one is not necessarily better than the other; it is more about which best fits your individual needs. Many factors should be accounted for while choosing which policy is best for you and your loved ones, including your budget, age, and priorities. Our agents have years of experience consulting with customers and make it their goal to find the best value for your specific needs.
What is Term Life Insurance?
Term life insurance is cost-effective and the easiest way to have a life insurance policy, and this is mainly because Term Life Insurance is temporary. You set the length of the policy at the time of purchase, typically anywhere between 10-30 years. You receive all of the common attributes of a life insurance policy at a fixed premium rate, so it is easy to budget your payments as they do not change over time.
The guaranteed death benefit is also fixed in most Term Life insurance policies. In the case of death, the insurer will pay your beneficiary the same amount regardless of how long your policy has been active. Whether on the first or last day of coverage, the benefit stays the same. Once the End of Term has been met, there are multiple options to move forward with rather than letting your coverage drop. Continuing your temporary coverage to a certain age, Conversion to a permanent plan, or a Renewal in some cases, are all possible outcomes.
Who should get term life insurance?
Most use Term Insurance to help cover the loss of a family’s primary source of income, but it is also used in the following situations:
- Pay for childcare
- The cost of higher education
- Cover funeral expenses, deficits, and other liabilities
- Substitute of a second income stream
- Covering the loss of essential employees
What is Universal Life Insurance?
Universal Life insurance is one of the two forms of permanent life insurance and is referred to as the “cash value” life insurance policy. It is unique because it is an interest-bearing real money account, so there is equity in the policy, and the policyholder can choose when to cash in and take home the cash value. Universal Insurance can be more expensive than Term life but much more economical than whole life insurance plans. It also provides the flexibility of the death benefit, premiums, and cash value for the policyholder to adjust at their leisure.
What are the benefits of Universal life insurance?
- Lifelong Coverage
- Flexibility in your Policy
- “Cash Value” investment
Fill out our contact sheet, and one of our agents will be happy to explain if this is the best Life insurance option for you. Let us give you a quote, help you save on your insurance, and give you peace of mind today!
What Our Customers Say
I feel so much better after finally getting a life insurance policy! As a single mother of three, I know my daughters will covered if anything were to happen to me. Thank you to the staff at United First coverage, you made it so simple and helped me understand everything so clearly.
I had so many questions about life insurance and everyone over at United First seemed genuinely happy to answer them. They explained all of my options and helped me pick a plan that must have been made for me. If you are in the market for life insurance I recommend coming here!
I bought a term life insurance policy from Untied First and I can’t recommend this company enough for your insurance needs. Every time I have a question, they are right there to help me. It’s nice to know they have my back.
Working with the United First team was the best experience my husband and I have ever had when trying to get accident insurance. They listened to our needs and circumstances and found a plan that would work for us rather than just going over a “pitch” like we’ve experienced before.
The team at First United Coverage was absolutely awesome to work with. They found me the perfect accident insurance plan that fit my budget and matched my lifestyle. They were so helpful, responsive, and definitely were an advocate for me!
United First Coverage was very helpful while in navigating my accident insurance options. I feel like I got and education as well as an excellent plan! They explained everything so clearly!
In a field where chaos is the norm, the team at United First Coverage made the waters smooth to enroll in a health plan that fits our needs. They were patient, kind and understanding of my needs and my situation. I appreciate his knowledge. Thank you for all you’ve done for me and mine!
I was transitioning to a career where for the first time I would not be offered company benefits like health insurance, and I was very stressed out about doing it on my own. I knew I was in good hands with United First Coverage from the very first phone call, it was incredibly easy!
I wanted to thank the team at United First for getting me a health insurance plan so easily! Be able to talk each option through with a real person made the process much less daunting than the marketplace. Highly recommend!
