When to go term, and when to go universal

People have life insurance for different reasons, and may even have different kinds of life insurance at different times in their lives.  There are good reasons to need different kinds of insurance in different situations, but it can get complicated. Let the professional agents at Anchor Insurance Agency LLP, in Plymouth, MN help guide you through the maze to find the policy that best fits your needs.

Term life insurance is for a set amount of time. When the policy ends you stop paying and that is the end of it. If you die during that time your family will receive the benefit.  This is good for families with children when one spouse is not working. The working spouse can have the insurance to help the family survive after you are gone. After the children are on their own, you no longer need this policy.

Whole life insurance lasts as long as you live and has some cash value at the end of the term. It is sort of an investment, but you get life insurance along with it.  There is also universal life, which is a combination of the two.  You may also borrow against the cash value of the universal policy.  One advantage too is that your rates will not go up drastically.  If you feel you will need life insurance for your entire life, this is a good option.

Stop by the Anchor Insurance Agency LLP, or give us a call, in Plymouth, MN, to find the best policy for you and for your family. If you are an existing customer we can update your policy, or if you are new, we can get you started on the program that best fits your needs and to make sure your family is protected.