What is Life Insurance?It is a financial preservation and risk management instrument which you can use for future needs. It is an agreement between the policy owner and the one who availed of the insurance. It is one of the best investments you can have for it can help you cover expenses which you and your beneficiaries may need. It can do reimbursements whenever there is an event of death or suffering from a very critical ailment of the insured.
There are many things that a life insurance can cover but the main goal is to protect your beneficiaries after your death. This can ensure them that they will have the financial means they need to continue their living. When you decide to avail of a life insurance, you should consider that the coverage will depend on your budget and needs.
Life Insurance Types: Pros and Cons
- Term Life Policy. It is a life insurance policy which can only cover your needs on a selected term. There is a specific amount of financial reimbursement to a chosen beneficiary in the event of death of the insured individual. It is the most availed type but it has lower premiums compared to the whole life insurance. The policy does not carry the total cash value.
- Permanent Life Insurance. This type is a whole life policy. It means that it is effective until the holder of the policy is still alive. This can cover an entire life of the insured individual. All cases can be covered. It has a much higher premium. It does not necessarily provide financial security to your beneficiaries upon and after the event of death for it can also allow you to use a certain amount of money when you are still alive or even at the end of the policy. Paying for the premiums in time is important to get all the benefits you can enjoy.
- Colonial Penn Life Insurance Company. They provide permanent and term life insurance plans at very reasonable costs. Their plans are available for ages 18 up to 85, along with guaranteed acceptance life insurance.
- Pennsylvania Mutual Life Co. Their company provides plans such as term life insurance, as well as permanent type insurance. Their permanent life insurance plan is a combination of the death benefit security and build-up cash value. There are specific types for your specific needs such as whole life insurance, universal life insurance, survivorship life insurance, and more.
Getting Life Insurance in Pennsylvania
Pennsylvania has an insurance department which can protect you as you enter the insurance industry. They monitor the insurance companies’ financial affluence and will tell you what are the licensed insurance companies, as well as the producers or agents, in the state. They are also responsible for reviewing and approving the insurance policy and rates.
Various life insurance companies are widely spread in the state of Pennsylvania that can provide you the sufficient financial security you and your family may need. However, you should o make sure that their policy meets your needs.
Featured Life Insurance Companies
These are just some of the companies who provide life insurance plans for the Pennsylvania citizens. You just have to consult the state insurance department so you can make sure that you have chosen the best and most reliable authorized life insurance company.