Over the course of most people’s lives their CT life insurance needs greatly change. For someone who has recently married, or purchased a new home, they now have a partner or added responsibilities that will likely require financial assistance if tragedy strikes. Once children enter the picture the need for a substantial policy increases. For someone who becomes divorced, or once the children are grown up and moving out to start their lives, the situation changes once again.
The addition of grandchildren alters the picture once more. There are many scenarios that the average person faces as their lives develop. For example, if you or your spouse experiences a deterioration in your health your insurance should be examined to determine if the current coverage will aid you during this time. Someone else in your family may require additional care, such as a grandchild, including situations requiring long-term care.
These are all conditions that should be discussed with an agent when purchasing life insurance, and reviewed on an annual basis to discuss how any changes are affecting your coverage needs, and what steps to take to ensure that you have the right policy in place.
What are your coverage options?
Term life insurance provides protection for a specified period of time. For those that do not currently have life insurance, this can be a good place to start your journey. Generally, it’s less expensive than purchasing a permanent life insurance policy, and it’s available in varying term periods with fixed premiums. Through most insurers you have options, from a one-year (annual renewable term) to a 20-year (level term) period. In addition, term insurance can often to converted to permanent coverage, which will provide you with flexibility as your needs change over time.
Whole life insurance, on the other hand, is a form of permanent life insurance that remains in force during the insured’s lifetime, provided that premiums are paid as specified in the policy. Whole life insurance can also build up cash value.
Finally, universal life insurance is a type of permanent CT life insurance, which is characterized by its flexible premiums, flexible face value amounts and unbundled pricing structure. Universal life can also build cash value, earning an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage. Speak to a reputable Connecticut agency about your insurance concerns.