Life insurance is one of the most important types of insurance when it comes to giving your family security. No one really wants to think about it, but if you were to pass a life insurance policy provides money directly to any of your beneficiaries, ensure that their won’t be any financial burdens. At Stonehenge Advisor Group one of our specialties is helping people in Philadelphia, Pittsburgh, and Allentown and all over the state of Pennsylvania with their life insurance needs, and we’ve been doing it for years. We have different types of life insurance policies that can help cover your family for your lost income, fund your child’s education, paying off household debt, paying for your funeral and other related expenses
An advantage that we have here at Stonehenge Advisor Group is that we are an independent agency which means we have access to many different providers. Because of that you’ll have wide array of possible life insurance options available to you when you work with us, all at the most competitive rates.
When you talk about life insurance it basically gets broken down to two major categories. One being Term Life Insurance and Permanent Life Insurance, with each having its benefits.
Term life insurance is generally the simplest and cheap for of life insurance. There are different terms associated with this kind of policy, for example there are 10, 20 or 30 years of coverage. That means in that time period if in the unfortunate situation that you’d pass your beneficiaries would be covered. However if the term expires you will need to purchase a new term life insurance policy.
Then with permanent life insurance the major difference between it and term is that it does not expire. Both are designed to give your beneficiaries financial backing when you pass, however with a permanent life insurance policy you won’t have to worry about the term. It is more expensive because of this reason and that the money goes into a saving account. However a financial advantage is the premiums never go up, where they might with term life insurance. Also the longer you have a permanent life insurance policy the more money it will accumulate.
There are also a few sub categories when it comes to life insurance which can start getting complicated. We find it best to talk about them in person since each person’s needs and concerns are so unique.