Life insurance is one of the most important safety nets that you’ll ever buy for your loved ones. It is the best way to ensure that they have the protection that they need, regardless of what happens to you. Finding the perfect insurance plan to fit your needs can be a confusing process. There are dozens of different types of policies and thousands of companies to choose from. Luckily, our agents at Longevity Brokers are here to help you make the best decision for you and your family.

It’s our mission to provide the Denver, CO. area with an array of quality insurance products to protect every area of your life. Everything from your home to your car. Additionally, we are here to help you make the best decisions for your insurance products.

What is a Flexible Premiums Life Insurance Plan?

There are two main types of life insurance, term life insurance, and whole life insurance, but inside of those two main categories are several other sub-types of insurance. Each of them has unique qualities that you’ll need to consider when you’re looking to get the perfect plan to fit your needs.

Flexible premium life insurance policy has several distinct characteristics that set it apart from some of the other more traditional plans. Flexible premium policies, formally known as “adjustable life insurance” is a kind of permanent cash value insurance that combines the advantages of several types of plans to create a whole new kind of life insurance.

As you can guess by the name, flexible premium policies allow you to increase or decrease the amount of the premiums, within a specified range. This is a great way for a policyholder to adjust their budget as their life changes, or they run into any financial difficulties.

The premiums aren’t the only factor that you can adjust with these policies. You’ll also be allowed to change the face value of the plan. As your life continues to change, your life insurance needs are going to change with it as well.

In addition to the benefits of being able to adjust some of the key features of the policy, these plans still hold the same advantages of a whole life plan, like building cash value, and not having to worry about reapplying for life insurance coverage in the future. The cash value inside of the policy can be an excellent tool for the policyholder and their family. With the cash value inside of the plan, there are several ways that you can use the money inside of the policy.

The Advantages

We’ve already mentioned some of the advantages of these plans, but there are a few key benefits that you’ll need to factor when deciding which plan is going to fit your needs the best. One of the key advantages is that it’s a form of whole life insurance and you can adjust the size of the monthly premiums that you have to pay for the coverage. You never know what’s going to happen tomorrow, or some of the financial complications that you could run into, which means that you could have problems paying your life insurance fees.

Another key benefit is the ability to change the face value of the plan. While this may not seem like a key advantage, it’s extremely beneficial. As your life continues to change, you need for life insurance is going to change with it. Instead of having to reapply for either a larger or smaller plan, you can simply change the value of the plan. This can save you hours of time and frustration.

The Disadvantages

Just like with any life insurance coverage, there are going to be some pitfall to these plans. The most significant is that they are going to be more expensive than a traditional term life insurance policy. If you’re looking to get the most affordable life insurance policy, this isn’t going to be the best option. There are several other kinds of plans that can save you money on your life insurance.

Another disadvantage of these plans is the investment component of the policy. While these plans can be a unique tool for your investment portfolio, your investments are limited by the market index. Most financial professionals will tell you to save the money on premiums and invest the left over money.

Longevity Brokers and Life Insurance

Life insurance is one of the most important investments that you’ll ever make for your family and the safety of their future. There are dozens of different kinds of plans that you’ll need to pick from to get your family the protection that they need. Not only do we help provide you with insurance plans to protect every area of your life, from auto to home, but we also help our clients make the best decisions.

At Longevity Brokers, we are proud to provide quality and affordable life insurance plans to fit the needs of your family. Because you never know what’s going to happen tomorrow, you shouldn’t wait any longer to get the life insurance coverage that they need. Not having life insurance is one of the worst mistakes that you could make. If something tragic were to happen to you, your loved ones would be left with all of the debts and final expenses that you had. It could leave them under a mountain of debt, and no way to pay for those bills.

We are happy to serve the Denver, Colorado area and connect its residents with the best and most affordable insurance policies available. If you have any questions about life insurance or about any of our other quality insurance products, please contact one of our agents today. You can use our contact form or call us at (720) 209-4598/