Life Insurance

A vital part of a financial plan is having life insurance. This will help you accomplish many things. Life insurance means that you are considering your long-term financial situation. Without life insurance, how would your family be able to continue living their way of life? It is essential to obtain insurance to protect life's precious moments. We offer life insurance policies here at The Charles Connolly Agency in Delaware.

Life Insurance Requirements

Life insurance is not mandatory, nor is it required in Delaware. It is optional but highly recommended. Life insurance covers mortgage payments, tuition payments, end-of-life expenses, personal debt, etc.

Life Insurance Coverage

The type of life insurance you need depends on many factors, such as your finances, the reason for purchasing a policy, and investment goals that you may have. Some of the most common life insurance policies offered include:

Term life insurance - This policy will only last for a certain period, anywhere from one to 30 years. During this term, you will make fixed payments each month. Coverage will expire at the end of your chosen term. This is the most common life insurance plan available.
Whole life insurance - This is considered a permanent type of life insurance. As long as you continue to make payments each month, your policy will remain current for the remainder of your life. The premium for your policy and death benefit are fixed in many cases. You will be responsible for paying the same premium as long as your policy is active.
Universal life insurance - This is similar to whole life insurance and covers you for the remainder of your life as long as you remain current on your premium payments. Universal policies contain cash value, but it depends on the recent market growth.