Brian P. Cook Insurance is in an excellent position to guide you towards the correct life insurance policy for your individual situation. While people’s life insurance needs vary tremendously, the available policies break down into two broad groups:
- Term life insurance. This is insurance that covers you for a fixed period of time (the term) and then disappears. It only pays a benefit if you die during the term. This can be an affordable proposition in certain situations – if you want coverage for the duration of a mortgage or until your children are grown, for instance.
- Permanent life insurance. This policy remains in force as long as you continue to pay its premiums. Permanent life insurance is designed for long-term holding, and it actually accumulates value as long as you maintain the policy.