Norristown Pennsylvania Life Insurance!
Best Rates on Life Insurance Norristown Pennsylvania!
Are you interested in information about life insurance in Norristown Pennsylvania? Contact the life insurance experts at Humphries insurance at 215-646-5633. We can help you find the best life insurance options even for those with limited budgets.
Do I have enough life insurance?
In our previous article we discussed the question do I have enough life insurance? That’s a very important question to consider when you’re shopping for life insurance in Norristown Pennsylvania.
If you purchase the wrong amount of life insurance your family might be placed in a precarious situation financially in the event of the breadwinner’s premature death.
In this article we are going to discuss another important question.
Did I Buy the Right Kind of Life Insurance?
There are three different types of life insurance policies that you can purchase. Some types of life insurance coverage are more appropriate than others in which type of policy is best for you depend upon your individual needs and circumstances.
Please note the three different types of life insurance policies:
- Term Life Insurance
- Cash Value Life Insurance
- Group Life Insurance
Term life insurance- Is the most economical to purchase for large amounts of coverage that are needed for only a certain period of time. For instance if you purchase a 10 year level term policy the cost of your term life insurance will be locked in for 10 years only. After 10 years your premiums will increase substantially.
With some companies you can purchase up to a 30 year level term life insurance policy in Norristown Pennsylvania.
Cash value life insurance – This is the type of life insurance policy that builds cash value. That cash value in later years can be borrowed through policy loans or the policy can be canceled and the accumulated cash value would be available to the owner of the insurance policy.
A cash value life insurance policy is guaranteed (in most instances) to remain the same for the life of the policy in contrast to term insurance that will go up in price significantly at some point in the future.
Group life insurance – This type of life insurance is provided as a fringe benefit from your employer. Some employers will allow you to purchase more than the base limit and they may deduct the cost of that insurance from your paycheck.
The biggest disadvantage with group life insurance is that the coverage will last only as long as your employment with the company, or as long as the company decides to provide this benefit to their employees.
It really depends on your circumstances. A single person may have different life insurance needs compared to a married person.
No matter if you are married or single we can help you find the best options for life insurance in Norristown Pennsylvania. Call us today for a free complimentary life insurance review. Our telephone number is 215-646-5633.
Life Insurance in Norristown Pennsylvania – Don’t Buy Online! Buy from a Local Agent in Your Community!