Life Insurance

While life insurance is not a legal requirement, it serves as a valuable policy to ensure a robust financial security net for you and your loved ones in the event of unforeseen or tragic circumstances.

Interested in understanding why life insurance may be the right choice for you? Capitol City Insurance has the answers you’re seeking!

How Does Life Insurance Work?

Many individuals opt for life insurance policies as they are the primary providers for their families, and they want to ensure their family’s well-being in case of their demise. In most cases, your chosen beneficiaries, typically your family members, would receive a specific payout (death benefit) from your policy. This payout can help cover expenses such as bills, medical costs, and funeral expenses.

To ensure that the insurance company pays the death benefit upon your passing, you will need to pay monthly premiums to keep your policy active.

The amount of the death benefit depends on the policy you select. If you desire a higher death benefit, you should be prepared to pay higher monthly premiums. This is a common practice, but the premiums can also vary based on factors like your age.

Types of Life Insurance Policies

There are multiple types of life insurance policies available. The most common options include:

Term Life

Term life insurance offers coverage for a specific period, such as 10, 20, or 30 years. At the end of the policy term, you have the option to renew it, allow it to expire, or convert it into a permanent policy.

Whole Life

Whole life insurance provides permanent coverage along with a cash value component. The policyholder has exclusive access to this cash value, which grows with tax-deferred interest. It can be borrowed against when the need arises.

Universal Life

Universal life insurance is another form of permanent coverage that includes a death benefit and cash value. Unlike whole life insurance, universal life policies allow the policyholder to adjust the death benefit amount and premiums. Additionally, the accumulated cash value can be used to pay the premiums.

Find Coverage Today!

At Capitol City Insurance, we understand the significance of being well-informed about life insurance options to make the best decision for your coverage needs. Our team of experienced agents is here to assist you. Contact us today, and we will help you compare your options and find the policy that suits you best.

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