There are four main types of life insurance policies, and we hope this brief description of all of them will give you a better idea of what you’re looking for, but keep in mind, one of our friendly and dependable insurance experts is always available to help you determine what kind of policy will best fit your and your family’s needs. 

Term Life Insurance: Term life insurance policies are by far the most common, popular and generally most affordable type of life insurance. These policies cover you for a set amount of time, for example 30 years and are sometimes extendable, and as with all life insurance, if you die during the “term” that your policy is valid, then a cash benefit will be paid to whatever family member or loved one you choose, who is referred to as a beneficiary. 

Whole Life Insurance: Whole life insurance policies are the next most popular type of policy that people invest in to provide for their families after they pass. These policies have an added benefit that term policies do not, Whole policies cover you for your “whole” life, meaning that they go from the time your policy becomes active, until the time your life ends.  In addition to this benefit, these types of policies have a cash value attached that is determined at time of purchase and grows throughout the years. As with all life insurance, the main purpose is still to leave your loved ones well provided for after you are no longer here to do that yourself.

Universal Life Insurance: Universal life insurance is similar to whole, however these types of policies are generally more expensive however their cash values grow more quickly and during the time that you hold the policy, you’re able to access those values for a variety of different reasons. Some choose to use it to pay the premiums on the policy, sometimes for large home improvements or to cover debts. As always, these policies will pay a cash benefit to your beneficiary at the time of your death.

Variable Life Insurance: Variable life insurance policies are generally used more as an investment tool and to meet other insurance needs. These types of policies can help with tax planning, as variable policies generally earn the most cash value over time. This type of policy still pays a benefit to your beneficiary at the time of your passing.

Reasons to Get Life Insurance:  

1. The main purpose of all life insurance policies is to take care of your family and loved ones at the time of your passing in order to ease any financial burdens that might be left behind. Even if you don’t have debt, the cost of an average funeral and burial is approaching $10,000 and is rising every year. Families want to honor their loved one and be able to celebrate their life as they would have wanted. To be able to do that, without having to worry over the cost is a huge blessing to a family.
2. If you happen to pass unexpectedly and at an age where you’re still working and contributing to the monthly expenses as well as still building a retirement, a life insurance policy can make all the difference to your spouse and children. It can replace your lost wages, making sure the family’s living situation doesn’t have to change, pay off debts, be invested for retirement, or pay for college tuition(s).
3. If you get Whole or Universal policies, those can be extremely helpful to not only your family but also yourself, even while you are still living. The cash value attached to these policies can be used to pay off debts, credit cards, and loans. If you live with any kind of debt at all, you know how stressful that can be, and stress can literally take years off your life. So, being able to use the cash value, while still living, provides the kind of peace of mind for yourself, which you also want to provide for your loved ones after you have gone.
4. Certain types of life insurance policies can be used specifically for college planning for your children. Whether you carry policies on them, your spouse or yourself, being able to know that when the time comes, you can take care of their college tuition without worry is priceless. It is literally a direct way to invest in the future of your children, as well as giving you the comfort of knowing if something tragic did occur, they would still be taken care of.
5. Saving for the future is something we all want to do, and whole, universal and variable life insurance policies are the way to go. Although the amounts vary, the cash value that builds with these types of policies can not only be helpful to you in the future, but can also be passed on to your beneficiaries at the time of you passing.
6. Life insurance is a great way to diversify investments. Depending on the type of policy, but especially variable policies can be used to invest business profits with a dual purpose. They will not only grow over time, but if the worst happens and you are no longer here to run that business, your loved ones won’t have to suffer. There are many other ways to invest through life insurance, and our experts are more than willing to help you find which policy would be the best for you.
7. Life insurance is KEY when it comes to Estate Planning. When an Estate is inherited there are multiple fees and taxes associated with that, so having the insurance, to pay off those right away, is another wonderful way life insurance can benefit those that you love after you pass away. In addition, certain policies and the cash values attached don’t fall into the same tax codes as other inheritances and generally do not get wrapped up in probate because the beneficiary is predetermined.

Here at Meridian we believe in offering all the different types of Life Insurance policies for the extremely varied needs of our clients. First and foremost we seek to provide our customers with the peace of mind that comes with KNOWING your loved ones will be very well taken care of, NO MATTER WHAT HAPPENS. Our experienced and reliable insurance professionals are eager to match you with a policy that best meets your needs, and the needs of your family or loved ones. We are a progressive company and welcome ALL types of families, whether they are born or chosen. Please reach out today for a free quote! Our customer service experts are here to make this process as easy, fast and affordable as possible. Here at Meridian we do our very best to make sure our clients get the kind of service and support that earns their trust, and hopefully, their business. Please reach out today so we can take care of any or all of your insurance