Individual Life Insurance

While you may have life insurance through your employer, it's a good idea to have your own policy, particularly in uncertain employment markets.

Here are the basic types of life insurance:

Term Insurance: This type of life insurance provides coverage at a fixed rate for a limited period of time. Term insurance offered through McKee & Andrews is in 10-, 15-, 20- and 30-year terms.

Universal Insurance: Universal life insurance is "permanent" insurance based on a cash value ($100,000 perhaps). Premium payments above the cost of the insurance are added to the cash value of the policy. Universal insurance policies are usually pegged to a stock, bond or other insurance rate index and pay interest. Universal life policies have flexible premiums and adjustable death benefits that you can increase or decrease as you see fit.

Whole Life Insurance: As its name implies, whole life insurance covers you for your entire life. Premiums must be paid every year you're alive to keep the policy in force.

Group Life Insurance: This is insurance purchased by a group for its members. This may be an employer or a professional association or labor union.

When you're considering the purchase of life insurance, contact us.

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