A life insurance policy is one of the easiest ways to offer your family protection should something happen to you. No one can see the future. Should the unthinkable happen, would your family be properly provided for? Would there be unmanageable debts they simply couldn’t cope with? Life insurance acts as a safety net. It’s a pro-active step you can take now to protect your loved one’s financial future.
There are a variety of life insurance packages and types available to the average person. The two most common types, however, are Term Life Insurance and Permanent Life Insurance.
Term Life Insurance is exactly what it sounds like. Insurance that is provided for a specified, pre-agreed term. The term of coverage can vary widely but it generally lands in the 1 to 20 year range. If at any time during your coverage you stop paying your premiums, your insurance coverage stops. Term Life Insurance policies pay out if you should die during the coverage period. Some life insurance policies accrue a cash value over the years. Term life insurance policies do not.
Permanent Life Insurance policies on the other hand protect you forever. They do not expire and need not be renewed. As long as you pay your premiums regularly and on time you are covered. Period. Some permanent life insurance policies also accrue a cash value over time. It depends on the policy you’ve agreed to.
Both of these types of insurance policy offer great protection for your loved ones should you pass away unexpectedly. The type you choose, permanent or term, depends on your unique situation. Royal insurance would be happy to provide guidance in this area.
A life insurance policy from Royal Insurance allows your beneficiary to collect a tax-free benefit upon your death. Policies vary in their premiums and benefit amounts. We’ll work with you to get you the best policy for your personal situation and tailor a plan to suit your needs. An insurance benefit will allow your beneficiary to pay off debts, cover funeral costs, provide education for your children and allow them to continue living in the fashion they’re accustomed to.
Royal Insurance works with a variety of carriers. This allows us to get you the best possible life insurance options and rates. With years of experience in the industry and a strong commitment to customer service and satisfaction we’re in a position to deliver exactly the policy you need at a price you can afford.