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The Shay Agency

1147 Hwy 315 Blvd
Wilkes-Barre, PA 18702

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Types of Life Insurance Coverage Options

The agents at the Shay Agency serving the Wilkes-Barre, PA area are stressing the importance of having a life insurance policy. The one thing we all have in common is that one day we will die, and we need to be prepared ahead of time since we have no idea when that day will come. One of the best ways to protect your loved ones is to have an adequate life insurance policy so that when you do pass away, they will not have the added burden of financial stress and grieving your death.

The beneficiaries you name on your life insurance policy, which are normally a spouse or your children, will be able to pay off the mortgage, vehicle loan, or other bills when you die. This aspect of life insurance gives them some relief and peace of mind while you are still alive, knowing that they will be taken care of.

There are a variety of different types of life insurance policies that you can choose from, and listed below are the three most popular types of life insurance policies.

Types of Life Insurance Policies

Term Life Insurance

This type of life insurance policy is very affordable but only lasts for a certain amount of time. You get to pick how long the term of your policy will be in effect, which can be for only one to five years or 30 or more. If your term expires before you pass away, you can renew your policy and start a new term, but it may cost more in premiums than your original term. This type of policy will only pay out a death benefit to your beneficiaries if you die while it is in effect.

Whole Life Insurance

There are three main categories when it comes to whole life insurance policies. These include whole life, universal life, and variable life insurance. All of these different types of life insurance policies will pay out a designated amount of money to your beneficiaries when you pass away.

Universal Life Insurance

The most popular of all life insurance policies, a universal life insurance policy not only pays out a death benefit when you die to your loved ones but also allows you to borrow money from your policy over the time it is in effect. This means you can pay off your house, car, or other bills so your family will be cared for when you die. This gives you even more peace of mind than other types of life insurance and allows your family to have less stress while you are still alive.

Contact The Shay Agency

To create the best life insurance policy for you and your loved ones, contact the trustworthy and experienced agents at the Shay Agency serving the Wilkes-Barre, PA area today to get your policy started!