Three Types of Life Insurance

Greco Brokerage offers the three main types of life insurance. Below is a brief description of each.

  • The most common known and least expensive is Term Life Insurance, which may be comparable to fire insurance. Basically, it pays the claim if something happens. This type of insurance has the least amount of dollar outlay and there is no return on the money you’ve spent but the insurance company takes on the risk and pay the claim if something happens. Term insurance is used a lot of times because of cash flow situations. In addition, it can be used for short term obligations, mortgages, buy/sell partnerships, as well as many other applications.
  • Universal Life Insurance is a combination of term insurance with a side accumulation fund that builds cash value. It has a mid range cost, it offers flexible premiums, some built-in-guarantees, and most policies today offer a guaranteed death benefit.
  • Whole Life Insurance some financial advisors would argue it is undeniable the best (others may argue that point). In our opinion, it comes down to cost, so if you could afford this option, then it deserves some serious consideration. Why? It builds nice cash values and is permanent insurance for life. It has guarantees and, in some cases, can be a guaranteed paid up policy for life.

No matter which type of life insurance is right for you, we will shop the best price and give you top notch service.