Reviewing your life insurance policy is an annual event. As life itself changes, so do our circumstances that create different needs. You could be extremely grateful that your partner understands you better than anyone else. Maybe you’re delighting in watching your children embrace their talents. It’s possible a recent promotion is giving you the chance to flex those leadership skills.

Let Tary Insurance show you coverage options designed to fit your priorities and budget when reviewing your life insurance. In fact, life insurance plans may be more affordable than you might think.

Term Life Insurance

Term life is a type of life insurance policy where annual premiums remain the same for a specified period of time. After the end of the level premium period, premiums will generally increase. Coverage continues as long as the premiums are paid. Perhaps this is an option you may want to consider when you’re on a more limited budget and will have significant expenses over a shorter period of time.

With a shorter period like 10 years rather than 20, you can often pay a lower premium. But since premiums are based on risk of death, once you are outside of the level premium period, a term life policy generally gets more expensive as you grow older.

Whole Life Insurance

Whole life is permanent insurance — you’re insured throughout your lifetime while premiums are paid. And those premiums will stay level as long as the policy remains in force. Over time, permanent insurance typically accumulates a cash value that can be accessed for a variety of purposes while you’re still alive.

Universal Life Insurance

Like whole life, universal life is permanent insurance that may also accumulate a cash value. It offers more flexibility, though. You can tailor a policy to meet changing priorities with flexible premiums and face amounts. Universal life also offers you more control over how quickly your cash value grows.