If you have a family, or other people that depend on your income to survive, then Life Insurance in Lancaster PA should be a priority for you. Life insurance offers your family some financial security when you pass away. Many people choose not to purchase life insurance for a number of reasons. Sometimes the cause is cost, but too often this lack is due to a desire to ignore ones own mortality. No matter what your reason is, it’s time to stop putting it off and buy life insurance so that you can support your family, even after death. Here are some things for you to think about.
Term Life
Term Life Insurance in Lancaster PA is a policy that allows you to pay in for a certain amount of time – anywhere from 5 to 25 years – based on your age. This type of policy is often criticized by experts as a poor investment because if you don’t die while you’re paying into the policy, then the account closes and you get no return on your investment.
However, the big benefit to this type of policy is that you can get three to four times the amount you can in a whole life policy for the same price. Essentially, you could get a $500,000 policy for the same price that a $150,000 policy would cost you from a whole life policy. As with any life insurance policies, no matter when you die, as long as the policy is up to date on payments, your beneficiaries will get the full benefit amount.
Whole Life
Whole life insurance is a long-term investment. You choose the amount of coverage that you want and you pay into it until you reach that amount. If you don’t die, then you can cash in on your policy, if you want. If you die early in the policy, no matter how much money you’ve put into the policy, your beneficiaries will get the full insured amount. No matter what, someone will eventually get the whole amount, unlike in a term life policy.
No matter which option you choose, you’ll need an insurance company through which to purchase the policy. If you’re looking for a good choice, then consider Susquehanna Insurance Management Ltd. This long-standing company can protect your insurance investment and they have a great track record for paying their customers what they’re due.
