Planning for the future is difficult, especially when thinking about the future of your loved ones. Life insurance is the financial protection your family needs in the event of your untimely death. At 101 Insurance, we are dedicated to helping you establish a solid foundation for the future of your family. Let’s start today.
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What is Life Insurance?
We provided a breakdown of terms to help you better understand your life insurance needs. There are three main types of policies:
- Term Life Insurance
- Designed to provide financial protection for a specific period of time, such as 10 or 20 years.
- Can replace lost potential income during working years.
- Generally less expensive than permanent life insurance.
- Rates increase after policy expiration.
- Whole Life Insurance
- Provides lifetime coverage with fixed premium payments.
- Typically higher premium payments than term insurance.
- Have cash value, which can function as savings component and accumulate tax-deferred over time.
- Universal Life Insurance
- Provides lifetime coverage and flexibility to change your premium payment or coverage throughout lifetime.
- Generally more expensive than term insurance.
- Primarily focused on death benefit protection.
Choosing the best life insurance plan can be an intimidating task. There is no substitute for the expertise of our life insurance specialists at 101 Insurance. Get your free quote today by completing our online form or contacting us directly. We’ll provide you a peace of mind knowing that a solid plan is in place for your family following an unfortunate event.
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Life Insurance FAQs
When is the best time to buy life insurance?
The best time to buy life insurance is as soon as you need it. While it’s true that the younger you are, the less you pay for life insurance, you should only buy it once you’ve determined there’s a need for it (for example, if you’ve started a family).
Are my life insurance premiums tax deductible?
No, the premiums you pay for your life insurance policy are not tax deductible.
What is a death benefit?
The death benefit is the amount of money that a life insurance policy pays to the beneficiary upon the policyholder’s death. It is usually untaxed and paid in a single lump sum.
Disclaimer: The material located on our site is for informational purposes only and is not intended to, and should not be relied upon, or construed as a legal opinion or legal advice regarding any specific issue or factual circumstance.