Page 9 - AAA Now! – AAA Shelby County – November/December 2020

TERM VS. PERMANENT:
WA E BREAK IT DOWN
INSURANCE SERVICES
s you reach critical milestones in your life,
you may find yourself looking for ways to protect what you’ve built. Life insurance offers that protection in the form of financial coverage for your loved ones if you pass away.
But which type of life insurance is best for you? Many people don’t know there are different coverage options to begin with or where to start. Whether you just bought a house, got married, started a family or recently retired, there’s a type of life insurance to fit your ever-changing coverage needs.
TERM
Term life insurance is generally designed for young families to take care of specific, immediate needs like a mortgage, educational expenses, automotive loans or anything else you might need to cover for your loved ones.
PERMANENT
Permanent life insurance is typically designed for those with lifelong needs, which may include estate
planning, retirement income and all of your final expenses (like funeral and burial costs).
What is the length of coverage?
TERM
Covers you for a specific period of time, also known as a term. Often, terms
are available in 10, 15, 20, 25, and 30- year lengths, and you can choose the length of coverage that’s right for you.
PERMANENT
As long as premiums are paid on time, permanent coverage is designed to last a lifetime.
How much do they cost?
TERM
Term insurance is known for its low premiums and guaranteed payouts. Your beneficiaries will get a tax-free lump sum of money if you pass away while you have this coverage.
Comfort comes with clarity.
Let us
help you.
Products and their features may not be available in all states. Life insurance and annuities underwritten by AAA Life Insurance Company, Livonia, MI. AAA Life (CA Cert. of Auth.#07861) is licensed in all states except NY. Your local AAA club and/or its affiliates act as agents for AAA Life.
ALAN-26966-720-XX
#thisiswhy
PERMANENT
Many permanent life insurance policies also accumulate cash value over time. Each month, your premium payment goes towards your life insurance coverage and an investment element. You may borrow or withdraw that money from the investment side for whatever needs may come your way. Keep in mind that any withdrawals could reduce the death benefit if they aren’t paid back.
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To better understand your life insurance options or to take the next step, we’re here to provide the information you need from a partner you can trust.
Call AAA Shelby County at 937-492-3167 to speak with an advisor or visit www.aaalife.com for a free quote.
NOVEMBER/DECEMBER 2020
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