Let Peak Insurance Agency provide you with flexible options through many different types of life insurance:
Our experienced agents will evaluate your needs today and help you secure your future.
Term insurance is a form of temporary insurance that provides a lump-sum payout upon death for a stated period of time. Since term insurance can be purchased in large amounts and for a relatively small expense, it is most suitable for income replacement and short-range goals.
Permanent life insurance, on the other hand, is a form of lifetime coverage that may play an important role in retirement and estate planning. With permanent life insurance, most policy premiums stay the same and can provide protection for you and your loved ones throughout your lifetime, as well as build cash value that you can use in retirement. Permanent life insurance is more appropriate when insurance needs are long term or if you want to accumulate cash value.
Many times you can convert your current term insurance policy to a permanent policy for the same amount of coverage you currently hold. When you convert your current term policy into a permanent policy, you do not have to provide additional evidence of insurability. This can be a great benefit if you purchased your term policy when you were younger and in good health.
By converting to a permanent policy, you may reap the benefits of locking in permanent rates at a more affordable premium due to not having to provide evidence of insurability at your older age. Also, permanent products offer a guaranteed death benefit and level premiums for the life of the policy, as well as build cash value for future needs.
*Investors should carefully consider the charges and fees associated with a new insurance policy as well as any cost that may be associated with surrendering the current policy.