No one plans to have a heart attack or develop cancer. We can't plan for the unexpected curve balls life throws at us, but we can prepare. Life insurance can provide the peace of mind that your family and loved ones will have the financial resources to pay your final expenses and potentially receive ongoing support.
What is Life Insurance?
A life insurance policy is essentially a contract. You make premium payments, designate a beneficiary, and the insurance company pays out a lump sum upon your death. Next, we’ll look at the different types of life insurance.
Term Life Insurance
Provides a fixed death benefit. Premiums are locked for a specified term, usually 10, 20, or 30 years. Term Life policies do not build cash value.
Whole Life Insurance
Permanent policy that accrues cash value in addition to the death benefit and pays out at the end of the policy, if premiums are kept current.
Universal Life Insurance
Permanent life insurance policy with a “liquid” account that accrues cash value, as well as interest, with each premium you pay.
Insurance that either pays income after your initial investment (immediate annuity) or accumulates income (deferred annuity). Either of these types of annuities can be fixed (guaranteed) or assigned a variable rate that pays out based on the policy’s associated investments. Annuities are typically used to provide stable retirement income.
Contact LSB’s Life Insurance Agents in Iowa today!
The best life insurance is unique to you and your needs. A life insurance review with an experienced LSB agent will answer your questions and determine which policy is best for you and your family. Call us at (866) 907-4242 today or contact us online to get started.