Life Insurance

If someone will suffer financially when you die, chances are you need life insurance.  Life insurance provides cash to your family after your death.  This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding.

Types of Life Insurance Products

 

 

Term Life

 

Term Life Insurance provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

 

 

Permanent Life Insurance

 

Permanent insurance provides lifelong protection, and the ability to accumulate cash value on a tax-deferred basis.  Unlike term insurance, a permanent insurance policy will remain in force for as long as you continue to pay your premiums. Because these policies are designed and priced for you to keep over a long period of time, this may be the wrong type of insurance for you if you don't have a long-term need for life insurance coverage.  Popular types of permanent life insurance include whole life and universal life insurance.
 

 

 

 

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