Bethany Insurance Agency offers several different coverage options for your consideration including term life, whole life, and more.

Term Life Insurance – This is typically the simplest and least expensive insurance option. Term life insurance provides coverage at a fixed rate for a specified period of time. It’s a benefit policy used primarily to cover the financial responsibilities of the insured, with the benefit to be paid only if the insured were to die during the specified term. Most term life policies can be converted to a more permanent insurance solution such as whole life or universal life insurance.

There are two types of term life insurance:

• Annual Renewable Term is purchased for a period of one year, with the death benefit to be paid only if the insured were to die during that one-year term, along with the option to renew after the term period.
• Level Term Life guarantees a fixed premium for a given period of time, usually in terms of 10, 15, 20, or 30 years. Your premium is based on your age and coverage options, with longer terms being more expensive.

Whole Life Insurance – As the most common type of permanent insurance, a whole life policy guarantees a death benefit for the insured’s lifetime and a cash value account for savings. Your premium remains constant throughout the policy duration while payments over and above your premium are credited to your savings, which earn a fixed interest rate.
Your beneficiaries will be able to use your Life Insurance policy to help pay for anything from expensive funeral costs and estate taxes to making up for lost income or funding your child’s education. It can even be used to continue payments on your mortgage to help ensure that the family home stays in the family.