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What is Life Insurance?
A life insurance policy is a contract between the insured and an insurance company. In exchange for payments, the insurance company agrees to provide a lump-sum payment, known as a death benefit, to the beneficiaries upon the insured’s death. There are varying types of life insurance that can be chosen and this choice is based on the needs and goals of the owner.
% Agree Life Insurance is Necessary. Only 62% Have It.
Types of Life Insurance Coverage
Term life insurance
Term life insurance is designed to provide financial protection for a specific period of time, such as 10 or 20 years. With traditional term insurance, the premium payment amount stays the same for the coverage period you select. After that period, policies may offer continued coverage, usually at a substantially higher premium payment rate. Term life insurance is generally less expensive than permanent life insurance.
Needs it helps meet: Term life insurance proceeds can be used to replace lost potential income during working years. This can provide a safety net for your beneficiaries and can also help ensure the family’s financial goals will still be met—goals like paying off a mortgage, keeping a business running, and paying for college.
It’s important to note that, although term life can be used to replace lost potential income, life insurance benefits are paid at one time in a lump sum, not in regular payments like paychecks.
Universal life insurance
Universal life insurance is a type of permanent life insurance designed to provide lifetime coverage. Unlike whole life insurance, universal life insurance policies are flexible and may allow you to raise or lower your premium payment or coverage amounts throughout your lifetime. Additionally, due to its lifetime coverage, universal life typically has higher premium payments than term.
Needs it helps meet: Universal life insurance is most often used as part of a flexible estate planning strategy to help preserve wealth to be transferred to beneficiaries. Another common use is long term income replacement, where the need extends beyond working years. Some universal life insurance product designs focus on providing both death benefit coverage and building cash value while others focus on providing guaranteed death benefit coverage.
Whole life insurance
Whole life insurance is a type of permanent life insurance designed to provide lifetime coverage. Because of the lifetime coverage period, whole life usually has higher premium payments than term life. Policy premium payments are typically fixed, and, unlike term, whole life has a cash value, which functions as a savings component and may accumulate tax-deferred over time.
Needs it helps meet: Whole life can be used as an estate planning tool to help preserve the wealth you plan to transfer to your beneficiaries.
What Does Life Insurance Help Cover?
Daily Living Expenses
Mortgage or Other Significant Debts
Child Care and Dependent Expenses
DFI Insurance Can Help!
let our licensed experts help with your insurance needs!
Let our licensed experts aggressively compare and shop between our numerous top carriers to ensure we get exactly the coverage you need at the most affordable rates possible. We make the process simple, fast, and reliable.
At DFI Insurance, our mission begins with a belief that our existence is to serve and respect our customers. Their satisfaction is the best measure of our success. Our execution is only possible by aligning with the highest quality insurance providers available then working hard to match our customers needs directly with these providers.
Wide Selection of Carriers and Coverages
DFI Insurance has special access to top carriers that provide excellent support and low rates ensuring you are protected. DFI Insurance has coverages ranging from auto, homeowners, life insurance, commercial business insurance and more!
At DFI Insurance our licensed agents get to know you and your insurance needs and we offer unbiased information since we work for you. Let our knowledgeable, experienced professionals customize an insurance solution and make sure you get the best coverage at the best rates possible!
The content of this site is descriptive only. The precise coverage offered is subject to the terms and conditions of the policies issued. Coverage may not be available in all jurisdictions or applicable in all situations.