Life Insurance

When people normally think of life insurance, they may be thinking of multiple types: whole life insurance, term life insurance, and final expense insurance. At InvoBH, we help you understand them so you can choose the type of policy, company, and coverage amount that suits you and your family’s needs. 

Two Types of Life Insurance

There are essentially two types of life insurance policies: whole life and term life. 

Whole life insurance policies will protect your family when you pass away, regardless of timing. 

Term insurance policies typically only cover you for a certain time, such as 25 years. You pay a monthly premium, and if you outlive the term, your insurance policy expires. For example, if you die after 30 years, your family will not receive a death benefit. 

The advantage of term policies is that they’re more affordable than whole life policies. The downside is that if you outlive your policy, you typically don’t get any money. 

Final Expense Insurance

Final expense, aka burial insurance, is a small life insurance policy that is typically easy to qualify for. The death benefit is smaller than regular life insurance, typically anywhere from $2,000 to $50,000. Your family can use this money for anything they need, whether it be funeral expenses, outstanding bills, mortgages, or medical debt. 

 

The major advantage of burial insurance policies is the lower monthly premium compared to standard life insurance. Burial insurance companies also typically accept those with pre-existing health conditions. People who are rejected from regular life insurance are often able to get final expense coverage to take care of their final arrangements.

Don’t Settle For Anything Less.

Get The Coverage You Deserve!

Contact InvoBH for Help

Life insurance can be confusing. Choosing between different companies, types of policies, and coverage amounts can leave you feeling exhausted. At InvoBH, we can help you make smart choices easily. Call us today!