Since September is life insurance awareness month we think it would be a good time to explain some of the different life insurance options available. At Hoch Insurance, our agents work with you to recommend what is best for you and your particular situation.

The main goal of life insurance is to provide for those who depend on you financially, if something were to happen to you. Life insurance payments can be used to cover daily living expenses, mortgage payments, outstanding loans, funeral expenses, etc.

Life Insurance Options

Whole life insurance:

When you buy a whole life insurance policy, your premium remains steady, the policy accumulates cash value, you get a guaranteed death benefit, and the policy remains in affect for your lifetime. It builds value based on a set schedule and is one of the simplest and most common options.

Term life insurance:

A term life policy offers coverage for a certain period of time which is typically between 10 and 30 years. Term life policies don’t accumulate cash value, but they are ideal for young families who may be on a tight budget. They are typically the least expensive type of life insurance.

Universal life insurance:

A universal life policy offers guaranteed benefits and cash accumulation. It also offers flexible payments and benefit options.

Variable universal life insurance:

You are able to vary the amount of your premium payments in this option as well. Cash value can be invested so your policy value goes up or down based on investment performance.

Life insurance can also play an important role in your overall financial strategy. Visit us at hochfinancial.com or contact us anytime to learn more.