When checking out the options for Life insurance in Harrisburg PA, it will not take long to see that there are many different kinds of plans to consider. Some of them provide more advantages than others, but one of those plans is bound to be a good fit. Here are some of the examples of life coverage that are worth investigating further.
Term Life Insurance
There is no doubt that term life insurance in Harrisburg PA, fills a need for many people. Considered the most simplistic of all life insurance plans, this particular type provides a fixed benefit that pays when the insured party dies. Typically, the benefit can be paid to an estate, to a trust fund, or to an individual. Many people see term life insurance plans as a way to ensure there are funds for final expenses like medical costs or funeral arrangements.
One of the biggest attractions for term life coverage is that it usually does not require a physical examination before approval. For the duration of the term, the premium will remain the same. Some plans will allow clients to roll the coverage into another term as the date draws near. Keep in mind that the insurance will expire once the end of the term is reached unless the covered party takes steps to renew for another term.
Whole Life Coverage
Whole life insurance provides all the benefits associated with term life plans plus a few more. While whole life coverage does require a physical exam before approval, these insurance plans do build cash value over the years. This helps to create an asset that can be used to borrow against if the need arises. Some insurers will issue loans for up to a certain percentage of the cash value. In the event the covered party passes away before the loan is repaid, the remaining amount is deducted from the benefit, and the balance is sent to the beneficiary.
For anyone who would like to learn more about the options for life insurance, visit FarnhamInsurance.com and arrange to speak with an agent today. It will not take long to find a plan that offers the type of protection the customer is seeking.