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New to life insurance? At Árachas Group, our experienced staff will answer any questions you have about this essential insurance product.
To help get you started, here’s some useful information about how to select the coverage that will be best for you:
Basically, life insurance is a contract. In return for premium payments, the insurer then makes a lump-sum payment to the insured’s beneficiaries when the insured dies. This payment is known as a death benefit. Generally, life insurance is selected according to the goals of the policy owner. Term life insurance gives protection for a set period of time. Whole or universal policies provide lifetime coverage. Note that death benefits, regardless of the type of insurance, are usually free of income tax
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Whole life insurance: a variety of permanent life insurance for lifetime coverage whole life generally has higher premium payments when compared to term life policies. The premium payments are usually fixed. Unlike term, whole life policies have a cash value that may accumulate on a tax deferred basis over time. Whole life is a valuable tool for estate planning and will help you preserve the savings you plan to give your beneficiaries.
Give the Arachas Group a call today at 630-289-4410 for more information on our outstanding life insurance products.