If you are getting ready to take out a life insurance policy, there are several factors you should take into consideration. Tom Brough is a registered life insurance agent who works with clients in Chicago, Illinois. He is an experienced financial professional, who is able to provide his clients with information, resources, and advice. He is also a successful professional in the financial industry, who has been working with clients for years. As a registered life insurance agent, he helps his clients invest in the right life insurance policy for their family’s needs. Finding the right life insurance policy takes time, and this process often takes several different factors into consideration.
There are many different types of life insurance policies. You should choose the one that suits your needs, and the future needs of your family the best. The simplest type of life insurance product is a term policy. A term policy provides the policy holder with insurance coverage for a specific period of time, which is outlined in the contract. If the policy holder passes away during that period of time, then the beneficiaries will receive the death benefits. This type of policy has no investment component, and the premium is determined by the insured individual’s health and age. A term policy can be further broken down into two different types of policies. The first is a level term policy. With this policy, the death benefits do not change throughout the duration of the policy. The second type is called a decreasing term policy, with this type, the death benefits decrease throughout the life of the policy.
The second major category for life insurance policies is permanent life insurance. This type of policy offers policy holders several benefits. The policy holder has life insurance coverage as well as a cash value benefit. If a policy holder has this type of policy, then a small portion of the premium payment is saved for the policy holder each month. After the cash value has accumulated, and a specific amount of time has passed, the policyholder can withdraw that cash or borrow against it. It is important to note however, that borrowing against a life insurance cash benefit can potentially decrease the death benefits.
There are three major types of permanent life insurance. The first is called traditional whole health, with this policy, neither the premium nor the death benefits ever change. The second is called universal life insurance. This policy can have a fluid premium depending on the balance of the cash value account. The third is called variable life insurance. With this type, a portion of the premium is invested in money market mutual funds, bonds, and stocks in order to earn higher death benefits. Tom Brough Chicago is a licensed life insurance agent and an investment advisor who works with insurance policies in Chicago, Illinois.