Life Insurance
Life Insurance

Life Insurance in McMurray, PA Pittsburgh, PA and the Surrounding Areas

Plans May Change, but the Need for Life Insurance Never Goes Away

Whether you live in Pa, W. Va, or Ohio, let Gullborg Insurance, Inc. help you select the life insurance policy that best meets your needs. Although your specific requirements for life insurance will change several times throughout your life, it is important to always maintain enough coverage to cover your own final expenses, at a minimum. At Gullborg Insurance, Inc., we recommend that our clients have their needs re-evaluated from time to time, particularly after any major life change (the addition of a child, income & lifestyle changes, marriage, divorce, etc.). We offer a variety of high-quality, affordable options that we have selected as the best options to provide the coverage that you need at a price that you can afford.

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Understanding the Variables of Life Insurance

It is important to understand that not all life insurance products offer the same quality and level of protection. There are many variables to learn about when exploring your life insurance coverage options. Our staff members are happy to discuss this with you in detail when you schedule a consultation. The most important distinction to be aware of is the difference between two of the most popular forms of life insurance: term life insurance and cash value life insurance. Essentially, term life insurance provides coverage for a specified number of years (often at a lower cost) and cash value life insurance offers coverage for your entire life span. There are pros and cons to each type of life insurance and each type is ideal under specific conditions. We can help you determine what the best choice is for you and your particular stage of life.

Term Life Insurance: Affordable Coverage for a Set Time Period

Term life insurance coverage encompasses many products that offer protection for a set time period of one or more years. It is most commonly available for purchase in 10-year increments, with the 20-year term life plan being one of the most popular options. Term life insurance products provide affordable coverage for individuals who are just starting out and have limited resources. The full death benefit is payable if death occurs during the policy term according to the conditions set forth in the policy. It is important to keep in mind that term life policies do not include a cash value at any point during the term of insurance or in the future. However, most of the term policies that we offer include the option to convert the policy to a cash value policy at a later date without having to prove evidence of insurability.

While the initial cost of term life insurance policies is quite low and guaranteed for the term of the policy even if your health changes, the premiums gradually increase upon renewal as you advance in age. Some policies can be renewed and some cannot. In addition, some policies have an age cut-off point at which time the term life policy can no longer be renewed.

Cash Value Life Insurance Lasts Throughout Your Lifetime

Cash value life insurance is a smart choice that we recommend to all of our customers as a valuable product designed to last throughout your lifetime. The premium for this type of insurance is higher than term insurance during the early years of the contract when compared to term life insurance. The premium that is not used to cover expense or the cost of insurance is invested by the insurance company. That investment builds a cash value that increases with time. This cash value increases over time to provide you with an investment vehicle that can be used throughout your life. The proceeds of this investment can be borrowed to cover critical expenses including:

  • Funding a Business or Investment Opportunity
  • Paying College & Educational Expenses
  • Enhancing Your Retirement Income
  • Paying for Emergency Medical Expenses