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Life insurance is becoming more and more important to your family’s financial future, and a good life insurance plan can bring added security to you and your family in an uncertain future. Life insurance protects your family by allowing them to maintain the same standard of living, even after losing their primary source of income. This gives you and your family “peace of mind” knowing everyone is financially protected in the event of a death.

In general, there are two types of life insurance policies – term life and cash value life. There are key differences between the two; term life being the more basic of the two types. It is important that you understand each of these types well as you are searching for the right life insurance policy based on your needs. Talking to a qualified life insurance agent can give you a better understanding of your needs and what is available to you.

The first type, term life, is more basic because it does not gain any additional value as the plan ages. The beneficiaries are paid a predetermined sum of money in the event of the policy holder’s death. Because it does not gain any additional value over time, term life insurance is typically less expensive than cash value life.

The second type, cash value life, has the added benefit of gaining additional value over the life of the policy. This creates more flexibility for the policy holder, as it allows the owner to borrow, invest, or withdraw against the additional value of the plan. This explains why cash value life insurance policies are typically more expensive than term life insurance policies.

Many different factors play a role in determining the right type of coverage for you and your family’s needs. Factors such as family budget, lifestyle, number of beneficiaries, and the amount of coverage needed all make a difference when shopping for life insurance. Most people tend to cover about 6-8 times their annual gross income not counting any unearned income or investments. This is a good way to securing your family’s financial future, and gaining your “peace of mind.”

Our customers Portland, Lewiston, Bangor, South Portland, Auburn, Biddeford, Augusta, Saco, and many other great cities throughout Maine use our services to find the most affordable Maine life insurance policies. Our vast network of insurance agents and brokers can answer any questions you have, and find the right life insurance coverage within your budget.