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Are you considering a life insurance policy to protect your beneficiaries in the event of your passing? If so, understanding the differences between various types of life insurance is crucial. Term life insurance is a popular option for those on a budget, but universal life insurance can also be a cost-effective choice.
These two types of insurance function differently. The professionals at Linda Dugan Insurance, servicing Astoria, OR, can help you determine which type of insurance is best for your needs.
What Is Term Life Insurance?
Term life insurance provides coverage for a specific period, typically 10, 20, or 30 years. This type of insurance is often chosen by individuals who have children or are starting a family.
Its lower premiums make it appealing to those on a budget, offering peace of mind that your beneficiaries will be financially protected if you pass away while the policy is active.
What Is Universal Life Insurance?
Universal life insurance is a type of permanent life insurance that builds cash value over time. Unlike term life insurance, universal life insurance lasts for your entire lifetime. Upon your passing, the death benefit is guaranteed as long as you’ve maintained your premium payments.
One attractive feature of universal life insurance is its flexible premiums, which can be adjusted to suit your financial situation.
Need Help Choosing the Right Life Insurance Policy? Contact Us Today
Understanding the differences between life insurance options is key to selecting the right policy for your needs. Whether you’re considering term life insurance, universal life insurance, or whole life insurance, we’re here to help.
Contact the professionals at Linda Dugan Insurance, servicing Astoria, OR, to learn more. We assist our customers in finding the best insurance products to fit their needs and budget. Call us today to get started.
