Life Insurance

Term Life Insurance

Term Life Insurance provides a death benefit for a limited period of time. Term insurance is only good for a period of time, because it has a TERMination date. Term insurance is typically the cheapest type of life insurance, which makes it attractive; however, it only pays if the insurer dies during the policy term.

Whole Life Insurance

Whole Life Insurance (also known as permanent life insurance) provides death benefits for the entire life of the insured. With a few exceptions, your policy cannot be canceled by the carrier once you have been approved for the coverage. Whole life insurance builds cash at a fixed rate determined by the insurer at the time of purchase. The insurer can borrow against the cash value in the form of a loan for any purpose. This reduces the death benefit and available cash surrender value.

Universal Life Insurance

With universal life insurance, you pay a monthly fee that splits into two parts: One covers life insurance and the other goes into savings and investment. It’s meant to be more flexible by allowing you, the policy holder, to choose how much premium you pay within a certain range