What types of Arkansas life insurance are available?
The two most common types of Arkansas life insurance are term and cash value life insurance. Term Life Insurance: • Covers you for a term of one or more years • Generally does not build cash value • Pays a death benefit only if you die during your policy term You may renew your term life policy after it expires, although you may face higher premiums as you age or your health status changes. Term life insurance generally gives you the best deal for your premium dollar, but is a better choice for expenses that will diminish in time such a car loan or child-care services. Cash Value Insurance: • Offers lifelong protection • Higher starting premiums result in cash value after part of the premiums are invested • Cash value can be borrowed against While you may borrow against a cash value policy, if the loan is not paid back by the time of your death, the loan amount will be subtracted from the death benefit. There are different forms of cash value insurance, so be sure to discuss them with
