How to Determine the Type of Life Insurance You Need

When it comes to life insurance, there is more to determine than how much you need and if you even need it at all. If you are considering getting life insurance, then you need to know about the different types available. This will help you determine the best option for you to purchase from Bye Financial Group, LLC, serving Grand Ledge, MI.

  • Term Life – Term life insurance is the type of insurance that is set for a specific number of years. The number of years depends on your policy, but you can usually purchase it for 10, 20, or 30 years at a time. 
  • Whole Life – Whole life insurance is a type of life insurance that is a bit more expensive, but it will last for the life of the individual. You pay the premium for a set number of years, and once you are done, you will have the policy for life. There is also sometimes an investment vehicle. 
  • Universal Life – Universal life is a blend of both term and whole life. This usually does not last for someone’s entire life, but it does sometimes last longer than term and also has that investment vehicle option for the individual to take advantage of.

Now that you know the types of insurance policies available to purchase, you can better determine the best one for you. If you are still unsure of which one you need, be sure to reach out to us here at Bye Financial Group, LLC, serving Grand Ledge, MI, today. We can explore all of the options with you and find the right one for your situation. Reach out to our agents to learn more.