If you have a spouse, child or other family member who relies on your income, purchasing life insurance is one of the best ways to honor your relationship. When you pass away, a life insurance policy pays a fixed amount of money to your beneficiary. That money can be used to pay off a mortgage, pay bills or cover other expenses, giving you extra peace of mind. Boost works with the top life insurance companies in the United States, giving you access to several options for coverage.
Term Life Insurance
With a term life insurance policy, your life insurance coverage remains in effect for a set period of time. For example, some policies have terms of 20 years. If you die during the policy term, your beneficiary receives a cash death benefit. One of the main advantages of this type of life insurance is that it costs less than other policy types, mostly because the coverage is only in effect for a limited amount of time. Many companies also offer level premiums, meaning your premium stays the same each month.
Universal Life Insurance
Universal coverage gives you a little more flexibility than a term policy. You may be able to add dependents or change the amount of coverage you have without having the insurance company write a new policy. This flexibility makes it possible to use your universal coverage to pay for unexpected expenses, medical bills or mortgage costs. You may also be able to use the cash value component to replace lost income. Because universal life insurance builds cash value, it typically has higher premiums than term coverage.
Whole Life Insurance (Permanent Life Insurance)
Whole life insurance, also called permanent life insurance, builds cash value and has a death benefit, giving your family extra peace of mind. Unlike a term policy, permanent life insurance remains in effect for as long as you make premium payments. If you run into any financial difficulties, you may be able to take a loan against the cash value of the policy, making it easier to cover your expenses.
How Much Life Insurance Do You Need?
When researching life insurance death benefits, many people wonder how much coverage they need. It really depends on your circumstances. Someone with a serious illness may want to buy life insurance with a larger death benefit than a healthy person so their spouse can use some of the proceeds to pay off medical bills. If you have multiple children, you’ll probably need more coverage than someone with one child or no children. Whether you purchase cash value life insurance or a term policy, there are options to help you protect your family members.
Boost works with the leading companies in the insurance industry, ensuring you receive competitive quotes. To learn more about the life insurance policies available, call Boost at (855) 616-0187. We can answer your questions about life insurance costs and policy options.
