Types of Life Insurance
Term Life Insurance
Term life insurance provides flexible coverage for a specified period of time like 10,20 or 30 years. The premiums are lower and a great choice for young families on a budget. If you want to help protect your family in the event something does happen to you, term life is a good option. It also may be more affordable than other types of life insurance.
Term Life Insurance with Living Benefits
Term Life with living benefits offers a death benefit protection, up to $2 million, but also provides living benefits. These living benefits provide the option to receive an accelerated death benefit in the event of a qualifying chronic, critical, or terminal illness, while the insured is alive. This policy is a layer of protection that could keep you from exhausting all your financial resources. Money when you need it the most.
Universal Life Insurance
Universal life insurance is a type of permanent life insurance that provides coverage for life, as long as premiums are paid. It's made up of two parts: a guaranteed death benefit, which is money left to your loved ones, and a cash value component. The cash value earnings grow tax-deferred, meaning no tax will be due until they are withdrawn. It's flexible on your terms. It allows policy owners to modify the amount and frequency of premium payments as long as there is sufficient cash value in the policy to cover monthly deductions.
Whole Life Insurance
Whole life insurance provides permanent protection for life as long as premiums are paid. In addition to a guaranteed cash value you can access through a loan, your loved ones are guaranteed to receive a death benefit.
You should expect to pay a higher premium than you would for a term life policy, but your premiums remain the same throughout your lifetime.