Life Insurance is insurance against loss due to the death of a particular person (the insured).

Regardless of whether you live in York County, PA, or South Central Pennsylvania, Life Insurance can help with the following challenges of your survivors:

• Provide income for the surviving spouse
• Pre-fund your children's education
• Pay off a mortgage
• Pay off debts
• Provide additional cash for retirement
• Cover final expenses
• Fund a buy-sell agreement

There are two types of Life Insurance: Term Insurance and Permanent Insurance.

• Term Life Insurance is designed to meet temporary needs. It provides protection for a specified amount of money for a specified period of time. Term Insurance pays a benefit only if you die during the term the policy is in effect. That is, a term life insurance policy for $100,000 for a period of twenty years will pay out the $100,000 benefit only if you were to die within the twenty year term. If death does not occur within the twenty year period, the policy terminates.
• Permanent Life Insurance is designed to provide protection for a lifetime. Permanent life insurance policies accumulate cash value. There are two common types of permanent life insurance policies: Whole Life and Universal Life.
  • A traditional Whole Life policy has set premiums and guaranteed cash values. As long as you pay the premium, the policy remains in force.
  • In a Universal Life policy the buyer assumes some of the investment risk, but can share in greater cash values if interest rates are higher than expected. Premiums are not a set amount, but a sufficient amount of premiums are needed to keep the policy in force.

There you have it -- a brief summary to define the types of life insurance in general terms. However, to find out which type of life insurance will best suit your particular situation, you should meet with a qualified insurance professional and discuss your options.

If you are a resident of York county, PA or the surrounding area, contact Dennis D. Smith Life and Health  Insurance for a no hassle, no pressure, no obligation phone conversation.

Get a Life Insurance Quote

Get your insurance questions answered