Everyone knows they need life insurance. It is the policy that will cover their final expenses and protect the people they love that are being left behind. The problem is that it can often be confusing and daunting to begin the search for the best Life Insurance Plans Des Moines IA companies offer. To make the first steps a little easier, here are some general explanations of common policies to consider.
Term Life Insurance
These policies are similar to the way an auto or home policy are written. They are for a defined time with payments towards the premiums broken into equal amounts. Once the policy expires, the rates can change or coverage can be denied. These are typically used to cover final expenses and any debts left behind.
Whole Life Insurance
This is insurance that is meant to be paid and kept through a lifetime. As long as the premiums are always paid, the policy is guaranteed and cannot be canceled. This is the type of Life Insurance Plans Des Moines IA adults should consider as an investment. It gains in cash value over the years and the benefits paid out after death are tax-free. It can be cashed out prior to death, but a tax penalty will be assessed.
Universal Life Insurance
Universal is similar to whole life except that with this type of policy the insured is able to adjust the amount of the death benefit and the premium. The benefit available in the account will grow over time and the policy can be borrowed against if needed.
Guaranteed Issue Life Insurance
This is a policy that is provided to clients without a health screening or background questions. It may be a solution for those who have found it difficult to get accepted for life insurance in the past because of previous or current health concerns. It does provide the coverage it promises, but will have higher premium than other policies.
This is just a short explanation about the Life Insurance Plans Des Moines IA insurance providers offer. Obviously, before a final decision is made it will be necessary to get more details. Absolute Insurance Agency LLC in Des Moines, Iowa can give you those details along with affordable rates and reliable service. Contact them to learn more about the services available to you. Visit website to know more about the life insurance plans.
