Life insurance can be an important part of your personal safety net, especially if you have financial dependents. Security Federal Insurance can work with you to find easy and affordable life insurance solutions—so you know your loved ones will be taken care of. There are two basic types of life insurance described below, term life insurance and permanent life insurance.
Term life insurance is the least expensive type of coverage, at least initially, and the simplest. Coverage is in effect for a fixed term or period of time—typically 1 to 30 years—and usually can be renewed. The policy pays your beneficiary a fixed amount of money if you die during the term of the policy. The premiums are lowest when you are young and generally increase upon renewal as you age. These policies do not build up a cash value.
Permanent life insurance provides protection as well as a cash value. Your premiums remain at a fixed level for the duration of the contract. Over time, the policy builds up cash value on a tax-deferred basis. There are two basic forms of permanent life insurance, whole life and universal life.
If you're interested in having your coverage reviewed, call toll free 866.851.3000. Insurance Products are offered through Security Federal Insurance, Inc. a licensed insurance agency.
