Primary life insurance options to consider

By Mike Felice, HealthMarkets Insurance Agency

With weddings and graduations aplenty, June could be called the month of new beginnings. And any new life trajectory should include a plan for life insurance.

There are two primary life insurance options to consider, and which you choose will depend on your individual circumstances and needs.

Term life insurance is an often-inexpensive way to get a higher coverage amount for a lower premium cost. It’s ideal for covering a short-term need, like a mortgage payment or college tuition, in the event you pass away and leave family members behind. You can typically help cover family members during your “building” years, when larger expenses are incurred. And while term insurance may be the least expensive way to insure yourself initially, over the course of your lifetime it can be the most expensive.

The alternative is permanent life insurance, or whole/universal life insurance. These plans may provide death benefit protection as well as the ability to accumulate cash value at a competitive interest rate. These plans may also have tax advantages at distribution. They may require more cash up front, but a portion of your premium is earmarked for savings.

With whole/universal life insurance, you’re funding your future while helping to protect your family today.

Each person’s situation is unique, that’s why it’s important to schedule a free review with me to help determine which life insurance option is best for you, your family and your budget. And, as always, there is no charge for my guidance.

HealthMarkets North Olmsted is located at 28881 Lorain Rd., in North Olmsted. Hours are Monday-Friday, 9 a.m.-5 p.m.. Other times by appointment. To get started with your free review, call Mike directly at 440-378-4210.

HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency in all 50 states and the District of Columbia. Not all agents are licensed to sell all products. Service and product availability varies by state. Agents may be compensated based on enrollment. No obligation to enroll. 48619-HM-0622