Life is full of special moments, waiting to happen. Whether it's enjoying your home or watching a child graduate from college, these are experiences you want your loved ones to enjoy. With life insurance, you can help make those moments happen. As a licensed insurance agency in Georgia, Prostarr offers life insurance for any stage of life.
Term life insurance policies provide coverage for a specified period of time. These policies are offered in time increments such as five, ten, or 20 years. During that period, premiums remain the same. At the end of the period, you may renew the policy for another term. The level premiums, however, are based on age, so they will increase as you grow older.
Whole life is permanent insurance that has two components. It has a death benefit that is paid to beneficiaries and a savings component that builds cash value. Policies are issued with a maturity date. When a whole life policy reaches maturity, premiums are no longer required, but the policy remains in effect. Over time, the policy accumulates a cash value that can be used for a number of purposes. Policyholders can borrow against or withdraw from the cash value.
Universal life is a more flexible form of whole life insurance. Whole life has a fixed premium and face value. Universal life lets a policyholder change the death benefit and use accumulated cash to pay premiums. With universal life, policyholders do not have to surrender the policy to change the face value. That makes it easier to adjust the amount of the policy and corresponding premiums as life responsibilities change. However, universal life does not come with a fixed rate of return. As a result, growth depends on the fluctuation in interest rates.
What’s the Best Coverage for You?
Everyone has different financial considerations. That's why coverage comes in many forms which can make finding the right solution difficult. Prostarr Insurance Agency has the expertise to help you choose the best policy for your needs. Why not contact us to discuss your life insurance needs?