TGS Insurance Agency gives you and your dependants the peace of mind knowing that your financial foundation will be strong long after you’ve passed. Final expenses, payment of estate taxes and/or debt burdens, income replacement after a spouse’s death… the benefits of life insurance are priceless for policyholders and their dependants. There are two categories of life insurance policies are available:
Term Life Insurance
While less expensive than whole life insurance, term policies cover a limited time period and only pay if the policyholder passes away during this time. Here are the different policies of term insurance:
- Level term policies offer a death benefit amount which stays the same throughout the term of the policy.
- Decreasing term policies offer a death benefit amount that decreases in one-year increments, over the duration of the term.
Permanent Whole Life Insurance
Permanent life insurance – or, whole life insurance – is active as long as your premiums are paid. This type of life insurance policy is somewhat more expensive due to the payout only becoming effective postmortem, meaning monthly premiums are higher. However, whole life insurance offers the benefit of a tax-privileged savings asset which is accessible under specific circumstances.