Life Insurance

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life insurance cape coral florida
There are many kinds of life insurance, but they generally fall into three categories: Term Life Insurance, Whole Life Insurance and Universal Life Insurance. It may all sound confusing, however, this is where Lizzy’s customer service and customer satisfaction steps in to ensure that you receive the product you need and want with clarification.

Term life insurance

Term life insurance is designed to provide financial protection for a specific period of time, such as 10 years, 20 years, etc.  With term insurance, the premium payment amount stays the same for the coverage period you select. After that period, policies may offer continued coverage, usually at a substantially higher premium payment rate. Term life insurance is substantially less expensive than permanent life insurance.

Whole life insurance

Whole life insurance is a type of permanent life insurance designed to provide lifetime coverage. Because of the lifetime coverage period, whole life has higher premium payments than term life. Policy premium payments are typically fixed, and, unlike term, whole life has a cash value, which could function as a savings component and may accumulate tax-deferred over time.

Universal life insurance

Universal life insurance is a type of permanent life insurance designed to provide lifetime coverage. Unlike whole life insurance, universal life insurance policies are flexible and may allow you to raise or lower your premium payment or coverage amounts throughout your lifetime. Additionally, due to its lifetime coverage, universal life typically has higher premium payments than term.

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