Individual Life Insurance Do you feel challenged to choose the appropriate individual life insurance plan for you? Don’t worry. Crest’s life insurance brokers can guide you through the entire process of buying permanent or term life policies—from gathering bids to servicing your account afterward.
Permanent life insurance includes two primary types: 1) Whole life insurance, which offers consistent premiums and guaranteed cash value accumulation, and 2) Universal life insurance, which offers more flexibility in premium payments, death benefits and other policy elements than whole life. With a Universal policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy. Either option is suitable for long-term coverage; simply choose based on your individual situation.
Term life insurance is an option when you need a specific level of insurance for a limited amount of time—for example, to ensure your family is covered after taking on a large home mortgage. The term insurance, provided at a fixed rate, does not accumulate any cash value over time. Generally, at the end of a term policy, you have the option to convert all or a portion of the policy into a permanent insurance policy.