Central Arkansas Life Insurance
There are two basic types of life insurance—term life insurance and permanent life insurance.
The term life insurance has two main types: level term and decreasing term. The permanent life insurance also has two major types: whole life insurance and the universal life insurance.
The level term life insurance exemplifies everything that makes the term life insurance simple and affordable. The key is in the name itself: level term.
In this type of policy, the level term means everything is set and fixed, whether it’s the amount of the coverage, the amount of premium that you will pay, or the length or period of the policy.
Decreasing Term Life Insurance
The decreasing term life insurance is popular because it is usually used as a form of mortgage life insurance. If you have an existing mortgage and you do not want your loved ones to get burdened by the debt in case you die, then you can purchase a decreasing term life insurance so that your family can use your death benefit to cover the remaining balance on the mortgage.
Permanent Life Insurance
The permanent life insurance has no expiration. Your coverage remains if you’re paying the premium. This is unlike the term life policy that is set for a specific period. Because this type of policy has no limit, you do not need to renew. It will last throughout your life and your family will immediately get the death benefit after you passed away.
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Disclaimer: NOT CONNECTED WITH OR ENDORSED BY THE U.S. GOVERNMENT OR THE FEDERAL MEDICARE PROGRAM.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.