It’s a Good Idea To Have Your Own Life Insurance Policy
Due to today’s uncertain employment, having your own life insurance policy is a good idea, even if you may have life insurance through your spouse or employer.
The Basic Types of Life Insurance
Universal Insurance
Universal life insurance is “permanent” insurance based on a defined cash value (perhaps $100,000). Payments made above the cost of the insurance premiums are added to the cash value of the policy.
Universal insurance policies are usually linked to a stock, bond or other insurance rate index. Universal life insurance also earns interest. Universal life policies have flexible premiums and adjustable death benefits. You can increase or decrease the policy benefits as you see fit.


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.
Whole Life Insurance
Whole life insurance, as it’s name implies, covers you for your entire life. Premiums must be paid every year of your life to keep the policy in force.
Group Life Insurance
This insurance is purchased by a group for its members. This may be an employer, professional association or labor union.