While many people are familiar with the concept of life insurance, not everyone understands there are multiple options for whole life coverage. Sitting down with one of the Whole Life Insurance Agents in Edmond OK, will make it easier to learn about the different plans and how they work. Here are a few examples of whole life plans that are worth considering.
Variable Life Insurance
As any of the Whole Life Insurance Agents in Edmond OK, will explain, variable life insurance is a type of whole life coverage designed to allow the covered party have some control over how the premiums are used to make investments. Many plans of this type allow the individual to designate a portion of the premium for one type of investment while using the remainder for some other type of investment activity. For example, the policy holder may choose to have half of the premium go toward the purchase of certain stocks while another portion is used to secure bond issues. For someone who is well-versed in investing, this is an opportunity to increase the cash value of the policy by a significant margin.
Universal Life Coverage
Another option is to consider the purchase of universal life insurance. This type of whole life coverage provides the opportunity to increase or decrease the premium paid into the plan. While this will impact building up cash value, this approach can come in handy if an individual goes through a temporary financial reversal and needs to reduce expenses. Rather than allow the plan to lapse, it makes sense to go with a lower and more affordable premium until things get better.
The insurance agent will also talk about hybrid life insurance plans. They combine some of the features of different whole life plans, providing the client with the opportunity to enjoy the broadest range of options. For example, a variable universal plan would include the distinguishing features of both types of policies and provide the client with the opportunity to use those features to the best possible advantage.
For help with any type of life insurance coverage, click here and arrange to speak with a professional today. In no time at all, the arrangements can be made, and the right plan will be in place.