life

Life Insurance

Enjoy Life Insurance Before Death

Life insurance is best understood as a way to give your loved ones financial security in the event of your death. However, there are different types of life insurance, and some policies can also serve as an advantageous financial vehicle over the years.

It is a complicated product with many options and selecting the right plan for your needs is essential to make sure your dollars are spent wisely. Experts at The Alliance Group of Western NY provide knowledgeable, consultative guidance to our Rochester NY area life insurance clients.

The two categories of life insurance are Term and Permanent; each has its pros and cons so the choice depends on your goals. We learn your lifestyle, objectives, beneficiaries and other circumstances to recommend your best path. Review our brief definitions below to learn more.

Term Life Insurance
This type of insurance only offers death benefits should your death occur in a specified length of time. If you live past the length of the policy, there is no death penalty paid to beneficiaries. These policies are relatively low cost and a good option if you select the right term length.

Permanent Life Insurance
This type of insurance policy offers death benefits even if you live past the length of the policy. They are comprised of a death benefit and a “savings account.” There is flexibility with how you can use the cash value of the account, such as borrowing against it while you are living, or cashing it in. The two types of permanent life insurance are Whole and Universal. There are obvious advantages, but the downside is higher premiums.

To gain a better understanding of life insurance options, how the plans work, and which would be best for you, contact Rochester NY area life insurance experts at The alliance Group of Western NY to learn more. Reach out to us for a free consultation today by filling out the form on this page or calling us at (585) 388-8001.