Plans for peace of mind
When it comes to choosing the right life insurance plan, there seems to be a never-ending list of questions to ask and factors to consider. But making one of the soundest financial plan investments an individual can make doesn’t have to be difficult. At New Frontier Insurance Agency, our agency has 34 years of experience helping people plan for their future, finding insurance packages that give you and your family peace of mind.
Types of Life Insurance
At NFIA, we offer several coverage options including: term life, whole life and universal life.
This coverage option, typically the cheapest and most common, allows an individual to pay a fixed rate for coverage over a certain time period. At the end of that time period, you can renew, covert the plan to a permanent option or allow the policy to terminate. The sole benefit of this plan is to pay benefits to the insured’s beneficiaries in case of their death. Unlike other plans, this does not include a savings component. The length of terms this type of coverage varies – the insured can go as little as a year or commit to a decade or more to maintain a desired fixed rate.
This is a permanent option that guarantees a payout to the deceased’s beneficiaries as well as a cash value account for savings. Over their lifetime, the insured person will pay a fixed rate. Payments above the premium are transferred to a savings account which earns a fixed interest rate.
Another permanent option, universal life differs from whole life in that it allows more flexibility. During their life, policyholders can adjust their premiums and death. This plan also includes a cash value savings component, however, excess paid on premiums that goes into this account will accrue interest based on the current market rate.
Whatever life insurance plan you choose, having coverage is one of the most significant ways you can plan for the future of you and your loved ones. Talk to one of our professionals today to learn how we can find a plan right for you.