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Ken Hein Insurance Agency
78 Glenwood Avenue
Queensbury, NY 12804
518.761.6781   FAX.615.0020
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Life Insurance

What Type Is Right for Me?

Life insurance helps you protect what matters most - your loved ones. Life insurance helps ensure their financial needs are met, even after you’re gone. There are two basic types of life insurance: term and permanent. Deciding which type may be appropriate for you depends on how you want your life insurance to work for your family. An Agent can help you determine the type and amount of protection you may need.

To help figure out which is right for you, it may be useful to understand some of the basics of a life insurance policy:

  • The amount you pay in exchange for coverage
  • The amount of money paid to your beneficiaries upon your death
  • The amount available to the policyholder through surrenders, loans and withdrawals
  • The amount of time you’re insured

Life Insurance: What Type Is Right For Me? 
Term Insurance Advantages  Permanent Insurance Advantages
Fills a temporary need for life insurance
protection in your life
Policies offer lifetime protection and can
build tax-deferred cash value
Offers the least expensive insurance
protection
Withdrawals and loans make it easy to
access your cash value to help supplement
retirement and emergencies
Most policies allow you to convert your
term policy into a permanent one
You can cancel or surrender the policy at
any time and use the cash value however
you wish
Can be used as supplemental coverage
to a permanent policy
Offers a guaranteed premium that won’t
increase
Death benefits are generally income
tax free
Death benefits are generally income tax free

Mix It Up

People often struggle with which type of policy best fits their lifestyle and budget. It may be tempting to go with term insurance because of its low cost, although some argue that despite initial higher premiums, permanent insurance could actually be cheaper and more stable in the long run. Bottom line - both offer advantages to explore. An appealing solution may be a mix of both, which may cover your short and long-term needs in a cost-effective way, potentially avoiding the high costs of buying all your permanent insurance at once.

Combine Them

Another approach may be to buy a policy that combines term and permanent life insurance. You lock in lifetime coverage, no matter your health conditions - guarding you from prohibitive costs in obtaining a new policy later, or denial of coverage. You may benefit from earned cash value to spend if you choose. The term insurance feature helps provide extra coverage when you need it most, and later you can convert all or part of the term portion of your policy without an additional medical exam.

Boost Your Term Policy with Riders

Many term life policies offer extra features called riders for an additional cost.

 
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