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Life Insurance

If your current financial resources aren't enough to take care of your dependents' needs, a life insurance policy could be a smart investment. Life insurance can be a confusing topic, as there are many different coverage types available. If you're looking for immediate information, call or schedule an in-person visit with The Insurance Smith Agency LLC and discuss your situation with a knowledgeable agent.

Types of Life Insurance

While there are a variety of coverage options, they all boil down to either term or permanent insurance. A term policy protects you for a specific amount of time, which is referred to as the policy term. A ten-year term policy provides financial assistance if you die within the policy term, otherwise, your dependents receive nothing. This type of policy often has the highest payout for the lowest possible premium, as there's a chance that the insurance company won't have to pay out anything.

Renewable term insurance gives you the ability to renew your policy once the term period ends. However, your premium may go up when you renew the policy. Convertible term insurance allows you to change your policy type from term to permanent coverage, even if you're going through health problems. You can also purchase a level, increasing, or decreasing policy. A level policy provides the same payout for the full length of the policy term, an increasing policy pays out more as time goes by, and a decreasing policy pays out less as time goes by.

Permanent life insurance provides financial protection for your full lifetime, as long as the premiums are paid. Just like with term insurance, there are many types of permanent life insurance policies. You can have fixed or flexible premiums to meet your financial needs, some policies let you borrow against the money you've paid in premiums, and you can sometimes surrender your policy for a cash payout.

Find out more about which Virginia life insurance policy type is best for your family by contacting The Insurance Smith Agency LLC today.

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