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.
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 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.