{"id":19,"date":"2022-05-27T04:00:00","date_gmt":"2022-05-27T10:00:00","guid":{"rendered":"https:\/\/www.lmifs.com\/blog\/?p=19"},"modified":"2022-05-27T08:54:25","modified_gmt":"2022-05-27T14:54:25","slug":"what-are-the-different-types-of-life-insurance-policies","status":"publish","type":"post","link":"https:\/\/www.lmifs.com\/blog\/what-are-the-different-types-of-life-insurance-policies\/","title":{"rendered":"What Are the Different Types of Life Insurance Policies?"},"content":{"rendered":"

Taking a life insurance policy will guarantee that your family is financially protected if you pass away. But where to get started, and what are the coverages available? L M Insurance & Financial Services LLC,  serving Bronx, NY and surrounding areas, is happy to provide you the following guide:<\/span><\/p>\n

The Various Types of Life Insurance Policies<\/span><\/h2>\n

Term life insurance<\/span><\/h3>\n

As the name implies, this type of life insurance is taken for a specific period, typically 10 to 30 years. This policy has no cash value and is meant to solely provide your beneficiaries with a payout if you die while it’s active.<\/span><\/p>\n

Whole life insurance<\/span><\/h3>\n

This life policy offers coverage for your entire life. The policy has a cash value, and part of your premiums will be put in a cash value account where it will grow over time on a tax-deferred basis. This means that money will not be subject to taxes on the gains. Moreover, you can take a loan against the cash value once it grows to a substantial amount. <\/span><\/p>\n

Universal life insurance<\/span><\/h3>\n

This life insurance policy is similar to a whole life policy in that it has a cash value and offers coverage for the entire life. Some of our clients at L M Insurance & Financial Services LLC prefer universal life over whole life because it has flexible premiums. Thus, you can increase or decrease premiums as defined by the policy’s limits. <\/span><\/p>\n

Final expense insurance<\/span><\/h3>\n

This policy is solely meant to cover end-of-life expenses like funeral and final expenses. It has no cash value, and you need to keep paying the premiums your whole life for it to remain in effect. <\/span><\/p>\n

Group life insurance<\/span><\/h3>\n

This policy can be purchased as part of a member organization or employee benefits package. Group life insurance is usually term, but you can opt to make it permanent life coverage via voluntary (employee-paid) benefit. <\/span><\/p>\n

 <\/p>\n

Give Us A Call <\/span><\/h3>\n

Do you want to find out more about life insurance in Bronx, NY? Contact L M Insurance & Financial Services LLC today. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Taking a life insurance policy will guarantee that your family is financially protected if you pass away. But where to get started, and what are the coverages available? L M Insurance & Financial Services LLC,  serving Bronx, NY and surrounding areas, is happy to provide you the following guide: The Various Types of Life Insurance Policies Term life […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[6,8],"class_list":["post-19","post","type-post","status-publish","format-standard","hentry","category-insurance","tag-bronx-ny","tag-l-m-insurance-financial-services-llc"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t