Often underestimated, life insurance is a big deal when it comes to protecting yourself and your family.  However, many of us seek this protection when it’s too late.  The majority of us push NH life insurance aside for the simple reason that we don’t fully understand our choices.  With different coverage options available, choosing the right coverage and the right amount for your goals can be overwhelming.  That is why we here at Brownell Financial want to help.  Our team understands how important it is to protect yourself and your loved ones before it’s too late.  This article will provide a brief overview of the three types of life insurance plans available.

Term Life

One of the most popular choices for life insurance in NH is term life insurance.  This type of coverage will last for a specific period of time, referenced as your “term.” If the covered individual is to pass within the term, the death benefit is paid out to the insured’s stated beneficiaries.  Typically, term life is the most cost-effective option with lower monthly premiums.

Whole Life

Another option for life insurance is whole life.  This type of coverage is permanent coverage that accumulates cash value over time.  Often, whole life it opted for as a means of life insurance as well as future savings for retirement.  With whole life insurance, the cash value will peak at some point during the individual’s life.  Once this happens, the cash value may be withdrawn. However, if you close the policy, your coverage has ended.  It may be wise to meet with an advisor at this point to be sure your future goals are still intact.

Universal Life

One of the most complicated policies is universal life insurance.  This type of coverage allows an excess of premium payments above the cost of the insurance to be credited to the cash value on the policy.  This cash accumulation is then credited with interest each month.  The main difference between universal and whole life is that the cost is not guaranteed.  With flexible premium payment options, universal life can exhaust your cash value if not carefully utilized.

For more information on NH life insurance, contact the experts at Brownell Financial.  We can help you with one of the most important decisions for your family’s protection.  Choosing the right plan, as well as the right coverage amount, is only a call away.  Contact us today at (603) 437-1992.