3 Types of Life Insurance Explained

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You know you need life insurance in Virginia. The question is this: What type of policy is best for you. There are a variety of plans available. The coverage you get depends on your circumstances. It can be confusing. Obviously, you want to make the best decision. But don’t be discouraged. Below is an overview of the common types of life insurance policies.

Life insurance falls into three main categories. The first is called universal life. This is the most flexible policy. It builds up a cash value over the years. It provides maximum guaranteed protection for your loved ones. The insurer can customize the plan to fit your financial needs. Another option is whole life. It has a cash value feature. You can withdraw money when needed. It provides permanent protection, and it’s also customizable. Finally, there’s term life. Unlike the other two plans, you receive coverage for a specific timeframe. Benefits are only paid if death occurs during the term of the policy. It does not provide any additional features.

An insurance agent can help you decide which plan is best for you. The sooner you speak with a provider, the better. With life insurance in Virginia, you’ll have peace of mind knowing your loved ones will have the financial protection they need.

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