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Tips for Purchasing Life Insurance in Scranton PA

Having a life insurance policy is extremely important, no matter what your age. If you have a spouse or children, Life Insurance in Scranton PA is even more important. To assist you in making the decisions on which type of policy will best benefit you, make sure you do plenty of research. There are several types of life insurance policies you can choose from, so it is important you make a wise choice, based on your needs.

What Types of Life Insurance are Available?

* Whole life insurance is a policy that offers guaranteed coverage for life. This type of policy has an added cash value portion that grows when you make your premium
payments. You may borrow against this policy or use the funds to pay your premiums, should you become unable to pay.

* Universal life insurance also gains cash value, just like a whole life policy. The main difference in this policy is that it can be adjusted in coverage amount and premiums due, throughout the life of the policy.

* A variable life insurance policy offers the aspects of a whole life policy, but adds in an investment feature. Because there is an investment portion to the policy, the death benefit can go up or down, which is why it is called a variable policy.

* Term life is one of the most popular choices when choosing a life insurance policy. You can choose this policy to cover you for a set amount of years and for a specific amount. This type of policy has no added cash value or investment opportunity.

When you are searching for Life Insurance in Scranton PA, it is important you make sure you are fully aware of all of the aspects of your policy, before you sign. Make sure you read up on your policy’s exclusions, so you will know what to expect. If you have any questions or concerns about your policy, make sure you ask for clarification from your insurance agent, so you can rest assured you are making the best choice for you.

 

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