Life Insurance

Having a plan in place for your loved ones if you unexpectedly pass can be crucial, especially if they are financially dependent on you. Life insurance is a way to help set a plan in place for your finances after you pass.  

With various options to choose from, at times, life insurance can seem confusing. Our agents at The McCallum Insurance Agency are prepared to help you choose the plan that best fits your financial planning needs.
  

What Is Life Insurance?  

Life insurance is a type of insurance policy where you can designate a sum of money to be given to predetermined beneficiaries after you pass. The money can be used to help pay off debts or other financial obligations. There are two primary types of life insurance from which to choose: term life and permanent life. 

Term life insurance 

Term life insurance is a policy typically written for a specific period of time and generally has relatively low premiums. It provides a death benefit to your beneficiaries if you pass away during the policy’s term. If untouched and the policy period ends, you will not receive a payout and will have to reapply for a new policy if you want to continue coverage.  

There are several specific types of term life insurance such as level term, decreasing term, convertible term and renewable term. 

Permanent life insurance 

Permanent life insurance is a policy that provides lifelong coverage as long as you keep paying the premiums. In addition to the death benefit, this type of plan offers a cash value component that provides opportunities for savings and income during your lifetime.  

There are several types of permanent life insurance, including whole life, universal life, variable life, variable-universal life and indexed universal life. 

Learn More About Life Insurance 

Life insurance is unique and needs to be tailored to your personal needs. At The McCallum Insurance Agency we want to help you in choosing a policy option. Contact your agent today to get started.