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Life Insurance

There are many kinds of life insurance, but they generally fall into two categories:  term insurance and permanent insurance.

Term insurance is designed to meet temporary needs.  It provides protection for a specific period of time 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. Term Life insurance policies are least costly.  They pay death benefits only.  They have no cash value if you decide to stop making payments. 

In contrast, permanent insurance provides lifelong protection.  Whole life, universal life, and other cash value policies combine a long-term savings and investment product with life isnurance.  As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid.  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.

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.

The best way to figure out the amount and type life insurance that makes sense for your particular situation is to contact one of our agents.


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