The Best Types of Life Insurance for Every Lifestyle

​What type of life insurance do you think is the best one for you? This would actually depend on different factors, such as how long you want your policy to last, how much can you pay for your insurance, and whether you need or able to withdraw some money from the policy.

1. Whole Life Insurance
   Different type of permanent life insurance such as this usually includes a cash value account, where the value would increase over time. In the right time, you may have enough cash value to take a loan for big expenses like college.
   
   
2. Term-Life Insurance
   This is suitable for most people who need life insurance as this only last for a specific number of years. If you didn’t lose your life within your life insurance’s time frame, your policy would expire without having any payouts.
   
   
3. Universal Life Insurance
   Like the whole-life insurance, this policy is also permanent insurance for a level of premium. Whether it has a built-in guarantee or not, this policy is considered some of the best life insurances for seniors who want to get most of their money. However, withdrawing or accessing your cash value may impact the later years of the policy, it may even diminish some guarantees if it isn’t funded as intended.
   
   
4. Indexed Universal Life Insurance
   This policy is among the newer and complicated types of life insurances in the market. Therefore, insurers should only purchase this policy if they have truly understood the contract. Like most universal life insurances, it offers a lifelong death benefit as well as cash growth. The only difference is that the cash growth is tied to stock market indexes, as an attempt to influence the market gains for additional growth.
   
   
5. Valuable Universal Life Insurance
   This policy is quite similar to indexed, but this invests in mutual funds that are opposed to the indices. As mentioned, a registered representative will be required to make a sale due to its policy and investment risks. Like most cash value types, the growth of the money is taxed deferred and tax-free when it’s accessed by the loans due to post-taxed premium dollars.

Conclusion:
All of the following insurance policies above are suitable for all lifestyles, but most of them will vary from one another. Therefore, you should double check what the policy includes to make sure you have what you needed.

At Insurance Agency Network, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (425) 681-0996 or Click Here to request a free quote.