Life is unpredictable, but that doesn't mean we can't prepare today for tomorrow's challenges.
Whether you are wanting to preserve your family's standard of living, ensure a home mortgage is paid, or simply relieve the financial burden of final expenses, there is a policy to meet your goals. With access to multiple types of policies, we are able to customize coverage for every aspect of your life.
First and foremost, life insurance is a way to protect your family and those that depend on you financially. It can provide a large, income-tax free payout to help them carry on in the event of your untimely passing.
What Are the Three Main Types of Life Insurane?
Term Life Insurance
Term life insurance last only for a limited time. It is generally very easy to apply and get qualified for, but when the time period of the policy ends, so does your coverage. You either need to apply for a new policy at a higher monthly premium (because you are older) or go without coverage. Unlike whole and universal life, term does generate cash value.
Whole Life Insurance
Whole life insurance is a permanent life insurance and provides guaranteed protection for the rest of your life. These policies offer a guaranteed death benefit and a living benefit (its cash value) that will grow as you continue to pay into the policy. Whole life polices do not expire as long as your regular premiums are paid.
Universal Life Insurance
Like whole life insurance, this type of policy provides permanent protection and generates cash value that protects your financial future. However, universal life insurance can give options additional options not offered on traditional whole life insurance policies. Owners of these policies may have options to adjust their payment amounts with a specific range as well as additional features and benefits to help better deal with changing circumstances.