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If you have a spouse or children who rely on your income to make ends meet, it’s critical to have life insurance. If you pass away, life insurance will provide your loved ones with money that they can use to cover living expenses, such as a mortgage, as well as long-term goals, such as your children’s college education. Insurers offer several types of life insurance to suit customers’ individual needs.

Term Life Insurance

A term life policy will remain in effect for a specific period of time, and it will pay your beneficiaries a lump sum if you die during that time. A term life insurance policy doesn’t build cash value. Term life insurance generally has lower premiums than other types of life insurance, but premiums for term life can increase as you get older.

Permanent Life Insurance

A permanent life insurance policy doesn’t have an expiration date. It can protect your loved ones indefinitely, as long as you continue to pay the premiums. 

You can choose from several types of permanent life insurance. Whole life insurance has fixed premiums, while universal life insurance has flexible premiums. 

If you take out a permanent life insurance policy that builds cash value, it will gain value on a tax-deferred basis. You’ll be able to withdraw or borrow money from the policy’s cash value while you’re alive. Some types of permanent life insurance will allow you to invest the policy’s cash value.


When you take out a life insurance policy, you’ll have to designate one or more beneficiaries who will receive funds from the policy after your death. People generally name their spouse and/or children as beneficiaries, but you can name a different individual. If your circumstances change (for example, if you get married or divorced or have another child), you can update your beneficiary information.

How to Find the Right Life Insurance for You and Your Family

Before you can select a life insurance policy, you need to think carefully about your goals and your family’s circumstances. Your income, the amount of money your loved ones will need to cover living expenses, the ages of your children, and other factors can influence your decision.

Premiums for life insurance are based on several variables, including policy type, age, gender, and health status. Your employer might offer group life insurance with competitive rates. You can also purchase life insurance coverage on your own. 

Petruzelo Insurance can help you easily compare coverage options and premiums from several leading insurers and find the life insurance policy that best fits your needs and budget. Contact us today to learn more.