The primary purpose of life insurance is to provide for your family at the time of your passing. But that isn’t its only purpose. Life insurance also helps recipients pay off existing debts, fund funeral and memorial services and keep family businesses afloat. At Maggio Financial Services, we understand these advantages and encourage individuals of every age to invest. When you partner with us, we’ll take an in-depth look at your financial portfolio and pair you with the appropriate policy. Depending on your specific set of circumstances, we’ll recommend one of the following solutions:
Term insurance is a policy that provides coverage over a set period of time. When an insured individual dies while the policy is still in use, a specific sum or “death benefit” is paid to a designated beneficiary. Term insurance remains a popular choice for many because it is easy, accessible and affordable.
Unlike term insurance, whole insurance is a permanent policy that stays active throughout an individual’s “whole life.” As long as premiums are paid, this type of insurance does not expire. Whole insurance also differs from term insurance in that it has a cash value that accrues interest gradually. Because of this benefit, whole insurance is ideal for individuals with large estates or disabled dependents.
Universal insurance is another permanent policy with cash value coverage that increases over time. This option is fitting for clients seeking flexibility because premium and death benefit amounts can be adjusted as the policy permits.
Want more information about life insurance? Check out the following frequently asked questions:
When you need reliable life insurance services in Peoria IL, we’ll provide it! To learn more about the types of plans and policies we offer, call us at (309) 693-8538. We operate out of the Peoria, IL area and provide financial advice on all things retirement, insurance and annuities.