What are the main types of traditional whole life policies available for purchase?

Finding the right life insurance plan for your needs and family may result in considering a whole life policy in Hope Mills, NC. Depending on your plans and concerns, traditional whole life policies that are appropriate for your needs can vary. Understanding the type of plans that are available can make it easier to select a policy when you are ready to buy life insurance.

Traditional Plans

A traditional whole life policy refers to the basic plan that carries forward as long as you make payments on your premium according to the details of your contract. It will not expire and your family is guaranteed to obtain the funds after you pass away.

In a traditional plan, many insurers may offer a clause that allows you to withdraw from coverage if your circumstances change or you are not able to pay the premium.

Universal Plans

Universal life insurance policies are similar to a basic whole life plan, but it offers a little more flexibility when it comes to your payments and premium. The policy will still carry forward for your entire life and will pay out to your beneficiary when you pass away, but you have the opportunity to make changes to the plan, the amount that you will receive and even the premium that you pay. As a result, it is more flexible when unexpected life events occur. It allows you to limit the cost when times are tough so that you are not struggling to keep up with your policy.

Finding a policy that is appropriate for your goals and needs can be challenging. Contact us to today to talk to an agent for more details about your options and the type of life insurance plans that are available.