What is the best kind of life insurance for me

No one is required to have life insurance but almost everyone should have it. Residents of Huntington, MD can turn to the staff at Monterey Insurance Group Inc. to help them to know if they need to have life insurance, how much to buy and what type will fit their needs best. Basically, there are two types of life insurance term and permanent life. Both of them provide important protection.

Term Insurance

Term life insurance is insurance that is purchased to provide coverage for a specific number of years. This can be anywhere from 10 years up to about 30 years. Most plans can be renewed for more than one term. Term life is supposed to be temporary to cover you through the most vulnerable years when you have a family and want to protect them. The rates are lower because the insurance company is betting that you are going to outlive the term of your policy. It is the sort of bet you are hoping that they win.

Permanent Insurance

Permanent Insurance may be universal life or whole life It provides coverage if you die but the amount of the premium will be much higher than a term policy. Whole life policies accrue cash value and earn interest. Universal Life plans may also earn interest but it is not a guarantee. With whole life, you buy the policy when you are younger and guarantee the rate premium you will pay. It will stay the same throughout the entire life of the policy. If you have trouble saving, this is a good way to have protection while putting aside the money for your funeral expenses.

If you have been telling yourself you need to look into life insurance and you live in the Huntington, MD area why not give Monterey Insurance Group Inc. a call or stop by their office to take advantage of their expertise in the life insurance market.