Life Insurance in Columbus OH, Cleveland OH and Cincinnati OH
Life is wonderful and unexpected. Sometimes, the unexpected isn’t always wonderful, however. No matter what life throws your way, it is important to be prepared.
ProtectALL Insurance builds genuine connections with individual clients as we help you each step of the way in finding a life insurance policy that is right for you and your family. Life insurance is not a decision to take lightly, and our insurance professionals will use their experience and resources to make sure you find the perfect policy.
What are the Different Types of Life Insurance?
There are many different types of life insurance policies available for those who need different coverages. The three most common life insurance policies are:
Whole Life Insurance
Whole life insurance policies, also known as permanent life insurance policies, are perhaps the most common types of life insurance policies. Whole life insurance covers the policyholder until they die or until they cancel the policy.
Term Life Insurance
A term life insurance policy covers the policyholder for a certain period of time as determined by the policy. Common terms for term life insurance include 10 years, 20 years, 30 years, etc. This insurance is useful for policyholders who simply want a life insurance policy until they have paid off a debt. For example, you may purchase a 10-year term life insurance policy if you expect to pay off your mortgage in nine years.
Universal Life Insurance
Universal life insurance is a type of whole life insurance policy that allows you to withdraw money at cash value while the policy is active. Excess premium payments can be credited to cash value, which in turn may pay you back each month.
What is the Difference Between Term Life Insurance and Whole Life Insurance?
The main differences between term life insurance and whole life insurance are the term limits. While a term life insurance policy has a set number of years, a whole life insurance policy lasts as long as the policyholder lives, except if the policyholder stops paying premiums or cancels the policy. Both are useful for different purposes.
Speak with a ProtectALL Insurance agent about what kind of life insurance policy is best for you and your family.
Protect with ProtectALL Insurance
Protect what matters most with a comprehensive life insurance policy. Call ProtectALL Insurance at 614-889-0701 or fill out an online quote form to get started.
Common Life Insurance Questions
How Does Life Insurance Work?
Life insurance premiums are generally paid monthly, as with other insurance policies. If you cancel a policy or the policy ends, you do not receive the paid premiums back.
How Many Life Insurance Policies Can You Have?
You can have multiple policies at once, though you may not have more than one whole life insurance policy. However, it is common for people to have a whole life insurance policy and a term life insurance policy for additional coverage.
How Much Does Life Insurance Cost?
Life insurance premiums depend primarily on your age, health and location. Fill out an online quote form to find out how much you can save on life insurance.
How Much Life Insurance Do I Need in Retirement?
Once you near retirement age, re-evaluating your life insurance options may be in your best interest. Whether you have a current policy (or a few) or need to purchase a policy, it’s important to take debts, children, dependent spouses and other financial obligations into account when determining the amount of coverage you may need if you pass away.
You may need help determining what type of life insurance is best and the amount of coverage you need in your retirement. A ProtectALL Insurance agent can help you evaluate your financial situation for a suitable policy.
How Often Does Life Insurance Pay Out?
Life insurance will only pay benefits once the policyholder dies unless it is a cash value policy. Benefits under life insurance generally come in one or two lump sum payments, while cash value payments may be paid each month.