Types of Life Insurance

from Summit Insurance Advisors

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Life Changes - So Should Your Policy

The need for life insurance is dependent on financial needs as well as personal ones. As life changes, your life insurance policy may need to be changed up in order to meet these needs.

Some life changes that may require a policy "tune-up" include:

• You recently getting married or divorced
• You have a new child or grandchild
• Your health or your spouse's health has deteriorated
• You are providing care or financial assistance to a parent
• Your child or grandchild requires assistance or long-term care
• You recently purchased a new home
• You are planning for a child or grandchild's education
• You are concerned about retirement income
• You have refinanced your home mortgage in the past six months
• You or your spouse recently received an inheritance

There are several different types of life insurance plans available. The most common include:

Term Life Insurance

Term life insurancegives you life insurance coverage for a set amount of time. If you do not currently have an insurance policy, term can be a good option to start with. Generally speaking, its less expensive than permanent life insurance, and is available in varibale term periods- with fixed premiums from a one- (annual renewable term) to 20-year period (level term). Furthermore, term insurance may sometimes upgraded to permanent coverage, providing you with the flexibility of changing it up in order to meet needs.

Whole Life Insurance

Whole life insuranceis a form of permanent covergae which remains active during the entirety of an insured person's lifetime, provided premiums are paid as specified in the policy. Whole life insurance can build cash value over time, making it a possible investment option.

Universal Life Insurance

Universal life insurance is a subset of permanent life insurance characterized by its flexible premiums, flexible face amounts and unbundled pricing structure. Universal life policies may build cash value, earning an interest rate that may adjust periodically. These options are usually guaranteed not to fall below a certain percentage, making them a safe investment option.

Our offices are conveniently located at:

Phoenix office:

10214 N Tatum Blvd #A1500
Phoenix, Arizona 85028

Scottsdale office

5425 E Bell Road Suite 103
Scottsdale, Arizona 85254

Summit Insurance Brokers has been providing Arizona life insurance for many years, and the expert agents in our Phoenix AZ insurance office take pride in servicing the life insurance needs of Phoenix, Scottsdale, Mesa and Paradise Valley. Live outside of Arizona? We've expanded our life insurance offerings to California and Maryland.