Blog Layout

Breaking Down the Different Types of Life Insurance

Jul 28, 2021

Life doesn’t come with a manual. It can never prepare you for those unexpected days. Having a life insurance policy can help your loved ones in the case that you may be unable to take care of them, or if you’re young, it can help prepare you for that moment. Many people opt to buy life insurance so that their families have financial security in the case of death. However, there are many different policies to choose from. Here are the different types of life insurances that one must think about before one makes a decision.


The Different Types of Life Insurance:


Term Life

Term life insurance differs from other life insurance policies in that it is the only one that isn’t permanent. It provides coverage for up to 30 years and compared to other types of insurance policies, term life insurance is the most affordable option as it is only in place for a set amount of time. Payments, or premiums, are determined based on how much the policy is, as well as age, gender, and health of the person. However, a disadvantage of the plan is that if you outlive the policy, you and your beneficiaries will not receive the money that you paid. 


Whole Life 

Whole life insurance, the most common type of life insurance, lasts for a policyholder’s lifetime. As opposed to a term life insurance’s affordability, whole life insurance is usually more expensive. It is a cash value insurance, meaning it has a tax-deferred savings account and a death benefit. An advantage of being a cash value insurance is that the cash value has living benefits and you can use it as a loan once you accumulate a good amount of money. 


Universal Life 

Universal life insurance is another type of permanent life insurance. Like whole life insurance, it has both a cash value and a death benefit. It is considered a more flexible plan since you can adjust the amount you pay for your premium and death benefit. Nonetheless, the cash value has an interest rate based on market conditions or the minimum interest rate.



At Small & Son Insurance, we ensure that not only will you receive the best coverage, but that you have peace knowing that you will be prepared for life’s unpredictable moments. Be sure to contact us at (570) 421-0111 or through our website for more information regarding life insurance!

wedding insurance, what is wedding insurance

Is Wedding Insurance Necessary?

07 Oct, 2021
The ways wedding insurance can help you when the wildly unexpected erupts on your big day. We don’t usually insure ourselves for birthday parties or holidays, but when it comes to your wedding there is a lot at stake. When working with various, costly, vendors like catering companies and venue sites, you should consider getting wedding insurance before shelling out the big checks.
business insurance, why do you need business insurance

Why Do You Need Business Insurance

20 Sep, 2021
Starting a business is not a small matter since it is often very time consuming and costly. It may also be really risky because owning a business often comes with a lot of potential problems that may occur. Although sometimes, when you think of a business, you often think of big corporations that make billions of dollars per year and have plenty of money to spare, it is often not the case. Not all businesses are big corporations. There are many more small businesses that do not have the funds to solve financial problems by themselves without the protection of business insurance.
Why Do I Need Auto Insurance, auto insurance

Why Do I Need Auto Insurance?

17 Aug, 2021
Although cars have brought us many conveniences in life such as faster and easier transportation, there are some risks. In unfortunate events cars can collide, causing accidents. Car accidents mean that there will be damages, in some cases not just to the car. People could potentially be harmed. Damages and injuries means money is involved to repair the car and to treat injuries from accidents.
Share by: