Life insurance plans—just like families—come in many different shapes and sizes. It helps to understand the basic types of life insurance policies before you select the one that will best fit your budget and protect your family in case anything should happen to you.
Term Life Insurance Plans
The most basic—and most affordable—life insurance plan is term life insurance coverage. You purchase this coverage for a specific period of time. If you die while the term life insurance is in force, your beneficiary will receive the full amount of the policy. If you ever stop paying into the plan, you will lose any coverage, and the money you paid in.
Whole Life Insurance Policy
When you purchase a whole life insurance policy, you will pay set premiums through the life of the policy. Your insurance company will invest the money and whenever you pass, your beneficiary will receive the full amount of the policy. You may also receive dividends from your investment in a whole life insurance policy.
Gerber Life has a variety of life insurance plans to fit your family’s needs. Contact us for more information on life insurance plans.