Connecticut Life Insurance

we can help choose the right life insurance policy for you and your family

If you were gone tomorrow, how would your family survive?  Would your family be able to stay in their home?  Would your children be able to attend the same schools?  Would your family enjoy the same quality of life that they are accustomed to today? If you answer no to any of these questions, you need to consider purchasing a life insurance policy.

There are two types of life insurance policies:

  • Term Life Insurance
  • Permanent or Whole Life Insurance

Term life insurance is most-often described by the analogy that it is comparable to renting. Term life insurance provides coverage for a limited period of time and has a fixed premium for as long as the policy is in effect. For example, someone with a 20-year term life insurance policy will pay the same premium in the first year of the policy as they will in the nineteenth year. At the end of the 20 years, if the policyholder of the term life insurance outlives the policy, they will then have the option to renew the policy at a higher premium without a medical exam or convert the policy to a permanent product. Companies, however design the term products with expensive renewal prices and most people will opt to reapply for a new term product if their health is good.  However, the policies do lock you into coverage so if their health has declined you can renew the policy with no questions asked.

Because term life insurance is commonly associated with renting, it is also the most inexpensive type of life insurance. Therefore, term life insurance allows policyholders to purchase substantial death benefits with relatively small annual premiums. 

Whole life or permanent insurance, on the other hand, is most often described with the analogy of owning. Permanent or whole life insurance remains in effect for as long as the annual premium is paid, you cannot outlive this policy like you can a term life insurance policy.  These policies build “cash value”, meaning there is equity in the policy in future years. 

Essentially, a portion of each premium is put into an investment account and accumulates value over the years. For example, a whole life insurance policy purchased with a value of $250,000 may be worth well more than the initial face value upon death or forfeiture of the policy. By forfeiting the whole life insurance policy, many policy owners utilize the money that has accrued over the years for retirement. 

Because whole life insurance is commonly associated with owning, it is also a more expensive type of life insurance when compared to term life insurance. The sooner a whole life insurance policy is purchased, however, the lower the annual premium will be and the higher the investment value of the policy will be when the policy is finally claimed. 

Everyone should at least have some type of life insurance policy, no matter how small. We can tailor an insurance policy to meet your financial situation. Because everyone’s financial situation is different, our life insurance experts can secure a term life insurance policy, a whole life insurance policy, or a combination of the two to meet your financial ability. 

Get Insured CT has the wherewithal to shop for the best life insurance policies with the lowest annual premiums to meet your financial expectations. With partnerships with more than 20 widely recognized insurance companies in Connecticut, our agents will have your life insured and your family’s future secured in no time.

Call 860-346-7755 today to speak to one of our insurance agents about Connecticut Life Insurance or complete the form to have one our of agents contact you.

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