What you need to know about life insurance

Educating Yourself On Life Insurance with Perry Insurance Agency

At Perry Insurance Agency, we suggest that everyone should have a life insurance policy. Not just for financial security after you pass, but for emergency circumstances. If you have the right insurance policy, you may be able to borrow money from it to pay for certain circumstances.

With any life insurance policy, you will pay a premium over time. In exchange, a lump sum amount will be paid to a designated beneficiary upon your death. Life insurance can provide a sense of stability for your family members in knowing they will not have any financial responsibilities upon your passing. Any representative of Perry Insurance Agency in Vernal, UT can assist you with finding the right policy after discussing the details.

There are two popular types of policies: Term and Whole.

Term Insurance – Term insurance is typically the most popular policy among younger age groups. This insurance, however, is only in effect for a certain period of time. Term policies can be for 10, 20, or 30 years. Benefits will only be distributed during the time the policy is in effect.

Whole Insurance – Whole, or Universal, insurance is a permanent insurance. The policy is in effect for as long as the premium is paid. This insurance also has an investment or savings component where you can accumulate cash value over the time frame of your policy. This component allows you to borrow money for exigent circumstances.

There is no coverage limit set for life insurance, and the amount can be dependent on whether or not you have dependents. You may need a combination of policies to get the coverage needed to cover you for your lifetime. To assist you in this decision, contact Perry Insurance Agency, serving Vernal, UT and over 24 other states. Reach out to us to start a policy right away.