The reasons for purchasing life insurance are obvious. A life insurance policy is designed to protect your loved ones’ financial futures and quality of life in the event of your death.

Sorting through the various types of policies and coverage can seem overwhelming. Read on for answers to the most common questions about choosing guaranteed acceptance term life insurance.

The three most common types of life insurance policy are term life, whole life and universal life policies. All three of these types pay a guaranteed amount to the beneficiary upon the death of the policy holder.

Term Life Insurance

Term life insurance is purchased for a finite period of time. The coverage terminates at the end of the term. Most term life policies are purchased for a period of five to thirty years. These are the cheapest types of policies and do not accrue any cash value.

Whole Life Insurance

Whole life insurance, in contrast, provides coverage for an entire lifetime rather than for a set duration. Whole life policies are significantly more expensive but provide more security, as there is no danger of the policy expiring at an inopportune time. Whole life policies also build cash value over time. Depending on the type of coverage, it’s possible to borrow money or cash out the policy after a certain amount of covered time.

Universal Life Insurance

Universal life policies, also referred to as cash value life insurance, are also designed to cover the insured for a lifetime. However, universal life policies divide the premiums paid into savings and life insurance. What happens to the savings part of the insurance payment depends on the type of policy. The savings portion are typically tied to investments, which introduces an element of risk.

If you still aren’t certain which type of policy to buy, consider consulting with a professional. An insurance agent or financial advisor can help you wade through the various insurance options and choose the policy that will best serve you and your family.

If you are a homeowner, you know the importance of a solid house insurance policy. After all, you have invested a lot of time and money into your home, and you want to make sure that your assets are protected. Not all insurance policies are created equally, so it is important to know what to look for when choosing home insurance Grayslake IL.

1. Flood Insurance

Surprisingly, not all insurance policies cover flooding. Even if you do not live in a flood zone, it can be beneficial to have this type of coverage. Water damage can be one of the most devastating things for a home, and the last thing you want is to have to pay for repairs completely out of pocket. Ask your agent about adding this coverage to your policy if it is not already included.

2. Liability Insurance

Did you know that if someone is injured at your home, he or she can sue you? While this might seem outrageous, it does happen. There are coverage stipulations that can be written into a homeowners policy to cover personal liability claims. This can protect you against those who might file a claim after a fall or other accident at your home.

3. Natural Disaster Coverage

Natural disasters are just that — disasters. They often come up unexpectedly and can include things like forest fires, tornadoes, hurricanes or tropical storms. While many policies do have allowances for these events, it is important to double-check your coverage. It is better to do this before the disaster strikes so that you will have time to adjust your policy if needed.

Being a homeowner comes with a lot of responsibility, and you may feel like the projects are never-ending! You must protect the assets that you have so that you can continue to enjoy them for many years.

It may seem as if online banking has become the norm and local brick-and-mortar banks are on the way out. However, there are benefits to having a local bank.

Similar Services

Local banks offer many of the same services as online banks. For example, most banks offer Free Checking Newark NJ, online banking, loans and low account minimums. You will typically have access to ATMS and have the ability to link your accounts together. In addition, many local banks even offer apps. However, in many cases, these services are less expensive than big or online banks.

Additional Services

Local banks offer additional services, such as advanced customer service, financial advice, retirement planning and high-yield accounts, as well as CDs. Business banking services are also offered at the local level. These banks also often offer Small Business Association guidance. Some banks even offer free classes on investments, wills and trusts, retirement planning and other related topics. They also offer physical currency exchanges.

Focused Banking

Local banks understand the local market and people. These individuals are typically highly trained and can help you with financial solutions that save you money or relieve your financial stress. Local banking professionals may look over your account for trends and challenges they may be able to help you with. For example, individuals who overdraw their accounts frequently, incurring high fees, may be offered overdraft protection. If you are paying on a lot of high-interest debt, these individuals may suggest that you apply for a debt consolidation loan with a much lower interest rate.

Grow the Local Economy

When you work with a local bank, your money stays within the local community. Local banks lend to local individuals and businesses. This encourages community growth and prosperity.

Did you know that small businesses are the lifeblood of the economy? Most small businesses use local banks to finance their business projects. In fact, more than 50% of all small business financing is done through local banks.

Local banks are committed to your community because their growth corresponds directly to the growth and prosperity of the local community.

Whether you are looking for a new bank or you seek additional banking services, consider working with a local bank.