Life Insurance in Connecticut
Life insurance in Connecticut is not tailored for you. It is mainly meant to cushion financially those you leave behind after your unexpected demise unless you borrow from a whole life policy or cash it in. Those with beneficiaries need to make sure that their financial needs will get met upon your unexpected demise. When you pass away, do you want to provide a final gift to your beneficiaries? By getting proper life insurance from Stratos Wealth Partners Agency in Danbury, CT, your dependents will get the financial support to maintain their lifestyle and cater to prevailing future expenses, including the tuition fees for your children. Keep reading and understanding the various types of life coverages that are offered at Stratos Wealth Partners.
Term life insurance
This policy is the most inexpensive option for most Connecticut residents. It is designed to last for a specified duration (typically 10 and 30 years) before expiration. Upon your unexpected demise, before your policy expires, your dependents will enjoy death benefits. When the predetermined term expires, and you are alive, the coverage comes to a halt, or you get another policy at a higher cost. The death benefit can be paid out as an annuity, a monthly payment, or a lump sum.
Whole life insurance
This form of insurance remains active for your entire life as long as the policyholder pays premiums promptly. The death benefit remains the same, but the overall cash value will earn a fixed rate of return. Thus, it's a type of permanent insurance that accumulates cash value that increases over time.
Universal life insurance
It is also a permanent policy where the insured is safeguarded with a guaranteed death benefit. It has a cash value like the whole life insurance, but your premiums go towards the cash value and the death benefit. It offers a wide range of investment options for having the freedom to invest your cash value where you wish.
With this type of life insurance, the policyholder is at liberty to invest the policy's cash value in a separate available account. Moreover, it possesses flexible premiums designed with a standard death benefit or an increased death benefit.
Death is inevitable; therefore, it's prudent as a Connecticut resident to devise a contingency plan to safeguard your beneficiaries' financial future. Please call or visit us at Stratos Wealth Partners in Danbury, CT to get guaranteed protection for your dependent’s future financial endeavors.