At AJ Insurance Services, we believe it is your right and responsibility to understand how life insurance works and how it can meet your current and future needs, especially if others depend on you financially.
Purchasing life insurance can be complex, with many products available. Sound advice from a licensed insurance advisor is invaluable. Our advisors are trained to help you establish your unique needs and find the right insurance solutions.
Reasons to consider life insurance.
Protect your family’s future with Life Insurance. It provides a payout to cover funeral costs, debts, and daily expenses, giving your loved ones peace of mind.
Types of Life Insurance Plans Available
There are basically two different types of insurance plans available: Term and Whole Life. Though there are many different variations available, most insurance companies will off these types. Below is a brief explanation of each of them.
TERM INSURANCE PLANS
- Term is temporary insurance used to cover a specific need for a specific period of time ie: 5, 10, 15, 20 years, etc.
- Cost jumps up on each renewal.
- No cash value
- Less expensive in the beginning, but becomes very expensive later in life.
- Convertible to permanent insurance and renewable without medical requirements.
WHOLE LIFE INSURANCE PLANS
- Whole Life means coverage will last you your whole life
- Cost stays level (premiums will never increase)
- Guaranteed cash values
- Guaranteed “Quick Pay” options
- Can pay annual dividends
- You can’t outlive your coverage
other variations of life insurance
Universal life insurance is a flexible type of permanent life insurance that combines lifelong coverage with a cash value component. Policyholders can adjust their premiums and death benefits, and the cash value can grow based on the interest rate set by the insurer. This type of insurance offers both financial protection and the potential for savings growth.
Participating whole life insurance is a type of permanent life insurance that provides lifelong coverage and includes a savings component. Policyholders can receive dividends, which can be used to reduce premiums, increase coverage, or be taken as cash. This type of insurance offers both death benefit protection and potential cash value growth.
Guaranteed issue life insurance is a type of life insurance policy that does not require a medical exam or health questions for approval. It provides coverage regardless of your health status, making it an ideal option for those who may have difficulty obtaining traditional life insurance. This policy offers financial protection for your loved ones, covering expenses such as funeral costs and debts.
Know how much life insurance you need and how much it costs.