Whole Life Insurance Rates Lancaster Pennsylvania PA

Reader’s Question:

My dad has a whole life insurance policy and insists that I get one. My brother, on the other hand, has a universal life insurance policy, and insists that I get one. Now I’m confused. I want to get a life insurance here in Lancaster Philadelphia PA soon, which should I get?

Rodney

Lancaster, PA

You know, Rodney, I like your dad and your brother. They obviously appreciate the value of life insurance, although they differ in preference. I’m wondering, though, if they have the same insurance agent in Lancaster Philadelphia PA? You see, I ask because if they do, then it might be good to go see this particular agency and discuss your confusion with him or her. I am sure that this insurer can tell you all about the differences and similarities of whole life and universal life insurance.

But since you asked me, I will hazard a guess as to why your dad and your brother chose different life insurance policies. Allow me to generalize when I say that it is perhaps of the age difference. Whole life insurance has a fixed death benefit and also a fixed set of premium payments. No matter what happens in the global and local economy, death benefit and premiums will be fixed. Universal life insurance, on the other hand, has flexibility as its outstanding feature. Its premiums can be paid depending on the policy owner’s wishes. As long as the owner maintains the minimum payment, then he or she can complete the remaining balance later in the year and will still get the same benefits. The death benefits can also be increased over time, depending on the capacity of the owner to pay. This will be ideal for those with irregular income – usually self-employed individuals or free lancers. This may also be the reason why it will not attract more senior investors, or policy owners, since it is considerably high risk.

The best thing for you to do will be to talk to several insurers around Lancaster and not only ask for a discussion on the two life insurance policies, but also get quotes. Sometimes, price can also affect your decision. You can also get free quotes from this page by entering your zip code. I hope I have helped clear your mind in some way, Rodney!

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