Although thinking about your death is not the most comfortable topic, having the right life insurance is essential to planning for your present and your future. There are several different types of life insurance coverage, and what’s best for you varies based on your individual situation.

Not sure where to start? Quorum Insurance has you covered.

Three common types of life insurance policies include:

• Term Life Insurance: Term life insurance provides protection for a specific period of time. It’s a good place to start because it’s generally less expensive than whole life insurance and is available in varying time periods with fixed premiums.
• Whole Life Insurance: Whole life insurance is a form of permanent life insurance that remains in place your entire lifetime. It can also be an investment opportunity as many policies also build cash value over time.
• Final Expense Life Insurance: Final expense insurance, also referred to as burial insurance, covers end-of-life expenses including funeral arrangements and any remaining medical or legal expenses that will need to be settled by your beneficiary.

What can life insurance be used for?

When you pass away, your life insurance provides income to the beneficiary or beneficiaries you’ve named and can be used to pay funeral expenses, debt, tuition or other financial needs.

While you’re still living, the cash value growth of a whole life insurance policy is tax-deferred unless money is withdrawn. You can also take loans or make withdrawals against the cash value of a permanent life insurance policy to help with expenses including college tuition or the down payment on a home.

What if I already have life insurance?

Even if you already have life insurance coverage, if you’ve experienced any big changes in your life, it may be time for a policy change as well. Maybe you’ve recently married or divorced, purchased a home or opened a business. If this sounds like you, your life insurance coverage may need a change to meet your current needs.

Ready to find out which life insurance policy is right for you?

Simply call Quorum at 800.714.1447 for a free, no-obligation quote or request a quote online today.

^*Quorum Insurance, LLC is an affiliate of Grow Financial. Insurance products purchased through Quorum Insurance, LLC are not deposits of Grow Financial and are not protected by NCUA. They are not an obligation of or guaranteed by Grow Financial and may be subject to risk. Business conducted with Quorum Insurance, LLC is separate and distinct from any business conducted with Grow Financial. Grow Financial is in no way responsible for the services provided through this program.

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• General Education