Different Kinds of Life Insurance Policies

Protecting your family after you have passed on is important. The final expenses for funeral services, medical bills and burial or cremation requirements are often tens of thousands of dollars (if not more). Beyond this, providing financial assistance to family members who may no longer have the primary bread winner in the house is another important factor, which is why opting in for life insurance is a must. Now, there are different kinds of life insurance policies out there, which is why finding the right policy for you and your family is essential. Whether living in Harrisburg, PA or surrounding area, Henderson Insurance Agency can help you understand the different forms of insurance. 

Level Term Insurance

When you look at the various kinds of life insurance, it can be broken down into two different basic insurance policies. While there are some variables at play within each of the insurance policies, these two are as different from one another as possible. The first is level term insurance. A level term life insurance policy is when the policy death benefits remain the same, throughout the length of the policy. 

More often than not, most insurance policies are sold as level insurance. 

Decreasing Term

With a decreasing term life insurance policy, the value of the death benefits drops slightly every year, often on yearly increments (although this can be more stagnated as well). Someone would often opt for this kind of insurance if they have a serious health condition and are not expected to live long, yet other forms of insurance are not available. 

Whole Life Insurance

Both terms of life insurance fit into the "Whole Life" or "Permanent" life insurance policy. This means that, no matter how long someone lives, they do receive their benefits (even if, as in the decreasing term life insurance, it does begin to drop in value).