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What Are the Different Types of Life Insurance? – Carmel IN

My name is Keyen, I’m with GJ Insurance Group. I run the life insurance division over here and doing this as long as I have, the most common question that I always get are what are the different types of life insurance? And the answer to that is there’s really two main types of life insurance. There’s a term and there are permanent policies. A term policy is a policy that you rent for a 10, 20 or 30 year period. A permanent policy is a policy that you own and it lasts forever.
Term policies have lower premium with much higher death benefits. A permanent policy because it does last forever is a higher premium with lower that benefit. These two different policies are used for separate things. A term policy is most commonly used for mortgage protection, income replacement or your children’s needs. Permanent policies are most commonly used for final expense, income or creating a legacy. And remember, life insurance is not a one size fits all, it is very situational. So if you’re curious on how much or what type of life insurance your situation calls for, please feel free to reach out to us at 317-751-5001.

Call GJI Insurance Group in Carmel IN at (317) 751-5001