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LIFE INSURANCE
Life Insurance
As you consider the wide range of life insurance products that are available, you may wonder what type of policy fits your needs now, and how you should plan for the future. A good way to start is to ask yourself why you are buying life insurance, and how will it satisfy you and your family financial security requirements. Do you want insurance to cover final expenses? A new home or mortgage? A college education? A business investment? Your retirement? Once you answer these questions, we will work with you and and review the 3 basic types of coverage and determine which suits your needs.
Whole Life
Whole life is often called permanent life insurance coverage because it provides a benefit for as long as you live and continue to make timely premium payments. With level premiums and the accumulation of cash values, whole life insurance is a good choice for long-range goals. The guaranteed cash values can provide money later on to help with temporary needs or emergencies.
Universal Life
This coverage is designed to be a permanent policy. It is different from traditional policies in that it allows the policyowner to vary the amount and timing of premium payments (subject to satisfying policy premium minimums to maintain the policy), and increase or decrease the death benefit (subject to underwriting for an increase). Cash values accumulate based on premium payments and current interest rates that the carrier is offering.
Term Life
This coverage provides financial protection for a limited, specified period of time and is the least expensive form of life insurance coverage. The death benefit face value is paid only if the insured dies within the specified term. Term insurance has no cash value. Most all carriers offer term insurance with the option to convert it to a permanent policy.
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