Angela Matthews
Principal / Insurance Agent
The Best Contact for Insurance
 
All come standard with Matthews-Kang Insurance Agency!

Life Insurance - there are several forms of life insurance. Some life insurance policies have a residual value like a savings account while others do not.  

  • Term Life Insurance - a policy where the holder pays a fixed premium over the life of the policy (from five years up to thirty years), but there is not residual value of that money once the term of the policy has expired. This is the least expensive monthly premium.
  • Universal Life Insurance - a flexible premium policy that combines protection against premature death with a type of savings vehicle, known as a cash value account, that typically earns a money market rate of interest. Death benefits can be changed during the life of the policy within limits, generally subject to a medical examination. Once funds accumulate in the cash value account, the premium can be paid at any time but there must be sufficient funds to cover annual mortality charges and administrative costs.
  • Whole Life Insurance - a policy that offers the benefits of protection against premature death and a savings account. Premiums are fixed and guaranteed to remain level throughout the policy's lifetime. Farmers offers a whole life policy covering the burial cost of a person. Whole life insurance tends to have a more expensive monthly premium.