Life insurance may be one of the most important purchases you'll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children's education, protect your spouse's retirement plans, and much more. You cover your cars and your home. You also want to cover your most valuable asset, YOU. Connect with us so we can review your current situation and offer strategies for keeping you and those you love protected.
Other Popular Insurance Options
Child Life Insurance
Key Person Insurance
Final Expense or Burial Insurance
Permanent Insurance, also know as Whole Life Insurance, provides life-long protection. As long as you pay the premiums and no loans, withdrawals or surrenders are taken, the full face amount will be paid out at some point in the future. Because it is designed to last a lifetime, Permanent Life Insurance accumulates cash value and is priced for you to keep over a long period of time. Permanent Insurance does allow for withdrawals and loans on your policy for specific situations throughout the life of the plan however this can decrease the value paid at time of death if the withdrawal or loan is not re-imbursed prior to this event. Money paid in will eventually be paid out with this type of life insurance.
Term Insurance is the most affordable type of insurance when initially purchased and is designed to meet temporary needs. It provides protection for a specific period of time, the "term", and pays a benefit only if the insured dies during that 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, such as your mortgage, is paid off.
Term insurance is pure insurance and creates no cash value once the term is exhausted. It has one function and that is to pay a lump sum to the designated beneficiary upon a specific event, the insured's death, within the term purchased. That said, it does provide for a significant amount of security in the event tragedy strikes.
Universal Life is a permanent or whole life insurance product that allows greater flexibility in payments as well as potential for greater growth of cash values. The main difference and distinguishing factor for Universal policies is that both payments and the death benefit are flexible and can vary unless a guaranteed death benefit universal life policy is selected. Depending on your situation, this could provide flexibility you may need when contemplating life insurance.