Life Insurance
Get a life insurance policy for an affordable price
What is life insurance?
A life insurance policy is a contract between you as a holder of an insurance policy and the insurance company. It states that the insurer promises to send a death benefit payout to his beneficiaries upon his death as long as the premium is being paid and the policy is active. Purchasing life insurance provides financial protection for the ones you love even after your death.
Types of life insurance
At Firefly, we offer different types of life insurance. We have term life policies where we provide coverage if you pass away during a specified period. However, purchasing permanent policies like whole life, final expense, and universal life provides you with coverage for your entire life.
Term life insurance
It provides coverage within a set number of years for a more affordable rate than permanent policies. It is perfect to protect your loved ones in case of your unfortunate death while they still depend on your income.
Final expense insurance
It covers your funeral costs, hospital bills, and related expenses. Final expense insurance, also known as burial insurance, is a permanent policy that is affordable and needs no medical exams.
Short-term life insurance
If you are just starting your life or you can not get full coverage for longer life insurance, purchase a 1-year insurance policy. You can do it online for it does not need any medical exam.
Whole life insurance
It provides coverage for your whole life at a fixed premium. You will also build cash value at a fixed rate that you can use to borrow against.
Universal life insurance
It is a permanent policy that allows you to change your premium and death benefit payout over time. Universal life policy changes according to the market rather than wholelife and can grow to be a no-cost policy.
How do you know you should buy life insurance?
When you purchase a life insurance policy, you are providing the beneficiaries on your insurance policy with financial safety after your unfortunate death. The death benefit payout will help them pay off debts, university tuition, car loan, or simple life needs.
How can I tell which insurance policy is the right one for me?
Read the guide below and choose the policy that meets your goal and that you can afford.
1-year term policy
It is a good option if you are new to life insurance. Also, if you have a temporary gap in coverage, you can take a 1-year term policy. Once you can afford it, you get a longer-term policy.
10-year term policy
It is a good option if you want to supplement another policy, you are retiring soon, or you are facing some financial problems but you still want to secure your loved ones in case of your unfortunate death.
20-year term policy
It is a good option if you are starting a family or you want to do so soon. The 20-year policy provides financial protection for your kids until they become adults.
30-year term policy
It is a good option if you are planning to provide your loved ones with financial security until you retire. It is also the right option if you have a kid with special needs and depend on your income even after becoming an adult. You can also choose to purchase a 30-year term policy if you have a mortgage.
A permanent policy
A permanent policy such as a whole life policy is great if you prefer to stay covered even after retirement. You can also use it to withdraw or borrow against your built-up cash value.
Coverage options vary according to your situation and needs. So, the healthier and younger you are, the more affordable your premium will be. It is important to know that permanent life policy cost is higher than term life policy costs. Also, the longer the term policy you choose lasts, the higher the cost is. Ask for more details about the costs of the life insurance policy.