Is Your Life Insurance Still the Right Fit?
September is Life Insurance Awareness Month, and we want to use it as an open invitation to talk — both about obtaining coverage for the first time and about taking a fresh look at policies you already own.
When it comes to life insurance, we believe one size doesn't fit all — and neither does one company. Every carrier prices risk differently, and the company that offers the best rate to one client may not offer the best rate to the next. That's why we shop your case across 20 to 30 life insurance companies, matching you with the carrier most likely to offer the best combination of health rating and price, in a fraction of the time it would take to apply to each one individually.
If you already own a policy, it's worth asking a few questions: What do I actually own? When was it last reviewed? Are the beneficiaries on file still who I'd want to name today? Marriages, growing families, new homes, and new goals all change what "the right policy" looks like, and a policy that fit five or ten years ago may not fit now.
The Five Types of Life Insurance — and When Each One Fits
1 | Term Life Insurance A fixed death benefit for a set period (10, 20, or 30 years) at a level premium, with no cash value — straightforward, budget-friendly protection. | A temporary need with a clear end date: replacing income while raising kids, covering a mortgage, or backing a business loan. |
2 | Whole Life Insurance Permanent coverage with a fixed premium and a fixed (or increasing) death benefit that builds guaranteed cash value, often boosted by non-guaranteed dividends. | Clients who want lifelong coverage, predictable premiums, and guaranteed cash value, and don't mind a higher premium for that certainty. |
3 | Universal Life Insurance Permanent coverage with flexible premiums and death benefit; cash value grows based on a current interest crediting rate. | Those who want lifelong protection but more flexibility to adjust premiums and coverage as life and cash flow change. |
4 | Indexed Universal Life Permanent coverage where cash value growth is linked to a market index's performance, subject to a cap and a floor. | Clients who want long-term flexibility and upside potential while limiting downside exposure to market losses. |
5 | Variable Universal Life Permanent coverage with flexible premiums; cash value is invested in market-based subaccounts and can grow or decline with performance. | Investment-comfortable clients seeking the highest long-term growth potential who can accept market risk and actively manage allocations. |
Our goal at McKnight Advisory Group is simple: help you understand the different types of life insurance and where each one fits your situation, and serve as a trusted resource who will go the extra mile to shop the market and guide you through the process — from a new application to an in-force policy review. Contact us today to learn more or to schedule a review of your current coverage.