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Arkansas Insurance Blog

New Parent’s Guide to Life Insurance

A new life coming into yours will make you reevaluate your priorities and plans. Adams Insurance & Financial serving northwest Arkansas has a quick primer on life insurance and how it can help your family now and later.

Term versus Permanent Life

Term life insurance lasts for a set amount of time and tends to have few benefits other than the potential payout. Permanent life insurance is more expensive, but it has benefits that make it more attractive, notably the ability to lock in premium prices and avoid policy renegotiations that are a part of term life policies.

Life Insurance Incentives

As you pay into a permanent whole life insurance policy, it might accrue an actual cash value. Universal life insurance policies will earn interest on this amount, which means it makes money for you. The indexed universal version provides a return based on an index like the S&P 500. Variable universal policies will let you choose some of the investments for your cash value. Some policies allow you to take out loans against the value or withdraw the funds.

The exact details of each policy type will vary between providers and situations, but that should give you a general idea of their benefits.

Life Insurance Options for Your Child

A permanent life insurance policy for your child can also be a wise investment. Since children are generally at lower risk and have no dependents, companies may offer even more incentives if you purchase a permanent policy. You have likely seen long-running advertisements for a whole life insurance policy for children that doubles the benefits once they reach maturity. You can grant the policy to them then, helping to protect any future grandchildren.

Sort Out Your Life Insurance Options

There is more to learn about life insurance, so new parents in northwest Arkansas should contact Adams Insurance & Financial to get a better picture of their available options.

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