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Types of Life Insurance

from Harbor Insurance Group

Life policies

For existing customers

Life Changes - So Should Your Policy

Your personal and financial situation determines the insurance you will need. As life goes on, your life insurance coverage may need to be adapted to meet your current needs.

Here are some life events that require an update:

Getting married or divorced
Having a new child or grandchild
Going through a deterioration of health
Providing care or financial assistance to a parent
Providing assistance or long term care to a child or grandchild
Purchasing a new home
Planning for a child or grandchild's education
Having concerns about retirement income
Refinancing your home mortgage in the past six months
Receiving an inheritance

There are several different types of life insurance products available. The most common include:

Term Life Insurance

Term life insuranceprovideslife insurance coverage for a set period of time. Term is a good place to start if you are new to life insurancet. Generally speaking, it's less expensive than permanent options. It is available in varying term periods with fixed premiums from a one- (annual renewable term) to 20-year period (level term). You also can often update this policy to permanent insurance when needed, giving you a good amount of versatility.

Whole Life Insurance

Whole life insuranceis a form of permanent life insurance which remains in force during the insured person's lifetime, provided premiums are paid as specified in the policy. Whole life insurance can build cash value.

Universal Life Insurance

Universal life insurance is a form of permanent life insurance characterized by its flexible premiums, flexible face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.