Life insurance may play a crucial role in safeguarding your loved ones’ financial well-being after your passing. After the policy holder’s death, beneficiaries can apply for the policy’s death benefit, which can be used for any reason. At Matt Roenker Insurance Agency in Virginia Beach, Virginia, we can help you understand your life insurance coverage options.

Types of Life Insurance

Understanding life insurance options can help you choose the best policy for you and your loved ones. Here are the main types of life insurance:

• Term life insurance—This may provide coverage for a specific term (e.g., 10, 20 or 30 years). Beneficiaries can apply to receive the death benefit if the policyholder passes away during this period. If the policyholder outlives the term, the policy expires without a payout.
• Whole life insurance—This can offer lifelong coverage if premiums are paid. It includes a cash value component that may serve as an investment or income source while the policyholder is alive.
• Group life insurance—This policy is typically offered by employers as part of benefits packages.
• Mortgage protection insurance—This can pay off the mortgage if the policyholder passes away.
• Second-to-die policy—This policy may pay out after both insured individuals (usually spouses) have passed away.
• Universal life insurance—This coverage may provide flexible premiums, death benefits, and a cash value component.

How Much Does Life Insurance Cost?

The cost of life insurance depends on various factors, including the insured person’s age, health and the amount of coverage. Each type of policy has different premium structures. For instance, term life insurance is generally more affordable than whole life insurance, which typically offers additional benefits like cash value accumulation.

We Can Help

We will take time to understand your situation and what insurance is best for you. Contact the Matt Roenker Insurance Agency for appropriate life insurance coverage at favorable rates.