Life insurance is a crucial step in planning for your future and your family's future. It can fulfill promises and obligations to your family if you are no longer living. Life insurance products are not all the same. While some provide coverage for your lifetime, others provide coverage for a specific number of years.
Determining the right product depends on a number of factors. To learn more about the different types of life insurance, please contact us.
There are two basic type of life insurance: term life and cash value life.
Term Life insurance covers you for a set period (term) of one or more years. It pays a death benefit only if you die during that term. Term insurance generally provides the largest immediate death protection for your premium dollar.
To see sample term life insurance rates, CLICK HERE.
Whole Life insurance protects you for as long as you live. The premium may be several times higher than you would pay initially for the same amount of term insurance. Some whole life policies let you pay premiums for a shorter period such as 20 years, or until age 65. Premiums for these policies are higher than ordinary life insurance premiums since the premium payments are condensed into a shorter time period. Whole life policies develop cash values. If you stop paying the premiums, you can take the cash or you can use the cash value to buy continuing insurance protection for a limited time or a reduced benefit. You may borrow against the cash value by taking a policy loan. The loan principle and any unpaid interest on the loan will be deducted from the benefits if you die, or from the cash value if you stop paying premiums.