The issue of buying life insurance can be addressed with three basic questions. Your answers should help you in this all important decision to buy life insurance.
There are only two types of life insurance: term and permanent. You should consider the advantages and disadvantages of each to see which best fits your individual needs. From these basic types there are all sorts of variations in policy form that your GPM Life agent can help you with.
Advantages of Term
Lower cost in early years
Coverage customized to last for a specific number of years
Option to exchange for permanent coverage later on without having to show evidence of good health
Disadvantages of Term
Higher cost in later years
Increasing premiums possible
No cash value
Premium paid every year for coverage to remain in force
Advantages of Permanent
Lower cost in later years
Fixed premium
Coverage is permanent for life
Guaranteed policy cash value
Tax-deferred growth on policy cash value,
based on current tax laws
Cash value accessible through surrender or policy loan
Coverage could be continued without further premium being paid
Disadvantages of Permanent
Higher cost in early years
Future dividends and current interest rates not guaranteed
Only you can determine how much life insurance is exactly right for you. We have a simple worksheet to help you make an accurate estimate of your need.
GPM Life products are not available in all states for all ages.
