10 Types of Life Insurance

10 Types of Life Insurance

10 Types of Life Insurance Available Through Laura Hibbits Insurance

At Laura Hibbits Insurance, we offer various types of life insurance policies designed to suit our customers’ needs. In this article, we’ve listed the types of policies available and what those policies cover. Investing in a life insurance policy may very well be one of the most critical financial decisions that someone makes during their adult life. Coverage and policies are designed to protect, care for, and safeguard you and your loved ones for the future. Though some have debated the concept of life insurance policies, the reasons to invest in a policy are ongoing.

Life insurance policies provide excellent security and insurance by ensuring your debts are paid when you die, providing you with additional funds after you retire, allowing you to save on taxes, and for mental peace of mind. At Laura Hibbits Insurance in Pawleys Island, South Carolina, we offer various life insurance plans to suit any need.

1. Life Insurance

Life insurance doesn’t protect you so much as it protects your beneficiaries if you die. Most life insurance policies come in the form of term insurance or permanent insurance. Term insurance provides only protection and flexible premiums for a specific period. In contrast, permanent life insurance offers lifelong protection to beneficiaries and is priced for you to keep over a long period.

2. Annuities

An annuity is a policy where you put money into a fund that grows and can be received as income. The income that comes from an annuity can be taken immediately or later with a greater return rate. If you have an annuity, you can either pay a lump sum payment or make payments throughout the year.

3. Disability Insurance

Disability insurance is an excellent investment for someone who wants protection from a disability that might keep them from doing their job or going to work. Disability insurance helps ensure that a paycheck keeps coming in in the event of a disability.

4. Long-Term Care Assistance

Long-term care is designed to preserve your savings, help you maintain your independence, and help you get assistance from care providers should you become chronically ill or unable to perform critical activities to care for yourself without assistance. Nearly 25% of Americans will require long-term care during their lifetimes.

5. Short-Term Care Assistance

Unlike long-term care assistance, short-term care provides disability coverage for a shorter period. Short-term care assistance kicks in after you have used up your allotted sick time and provides coverage for at least 12 months during injury or illness. You can use short-term care assistance to help pay your rent, car loans, and more.

6. Universal Life

Universal Life plans are a flexible form of permanent life insurance designed to protect your loved ones in the event of your death. These plans build tax-deferred cash value over time as you pay additional money towards the policy as a way to overfund it. The extra cash builds additional value, and you can borrow against it if needed.

7. Term Life

Term-life is an economical approach to life insurance and covers protection for the term that you are paying towards. Term Life is an excellent option if you want guaranteed coverage for a specified period and payments that will remain constant during the payment period. Term Life plans are popular options for those looking to provide additional coverage beyond what their employer might offer.

8. Whole Life Insurance

Whole Life insurance is designed to cover you throughout your entire lifetime. It provides financial support for those left behind to deal with expenses and income loss when you pass. These plans build cash value that grows to be tax-deferred, and you can access the funds at any point during your lifetime. Premiums are fixed, and the return rate is guaranteed.

9. Final Expense

Though final expenses aren’t something we ever want to think of, the truth is that the average funeral costs $7,000 or more. This can be a massive expense for your loved ones to take on, especially while they are mourning your loss. Those between the age of 50 and 85 are eligible for Final Expense coverage and can take on a policy for as little as $10 per month.

10. Children’s Life Insurance

Though the last thing a parent wants to think about is losing their child, these tragic situations occur. However, though these Children’s Life policies can cover expenses if your child experiences a loss of life, many parents take out these policies as they can be extended to their child when the child becomes 18. Many parents find that having coverage for their children is beneficial as it locks in a child’s ability to qualify for additional life insurance later.

Need Help Selecting the Best Pawleys Island Life Insurance Plan?

If you would like assistance or want to ensure that you have ample coverage to protect you and your family in the event of loss of life. In that case, Laura Hibbits is your local life insurance agent and is ready to help. Contact us today at (843) 979-9204 or send us a message. We’re here to help.

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