Life insurance gives you the peace of mind knowing that you've protected your family and loved ones
In the event of your death, life insurance provides a lump sum payment directly to your beneficiaries. They can use the money for whatever they want, such as:
The two types of life insurance are term and permanent. The one that's right for you depends on many factors, including your budget, the amount of coverage you need, and the length of time you'd like the coverage to last. Please see below how they different. If you have any questions please call us and we will be glad to help you to make a right choice.
- Make up for your lost income
- Fund your child's education
- Paying off household debt
- Paying for your funeral and other occurred expenses
Term insurance policy provides protection for a limited period of time, such as 10, 15, 20 years, and pays a lump sum benefit if the insured dies during this period of time. Although term policies typically do not accumulate cash value, many do offer a feature that allows you to convert to a permanent policy within a certain time, this called a conversion period. This can be beneficial if you'd like to buy a permanent policy but your budget right now does not allow you to do it, or you like having the option to convert to a permanent policy at a later time.
There are several different types of permanent policies:
Universal life insurance provides permanent life insurance protection and access to cash values that grow tax-deferred at competitive interest rates.
Universal Life Insurance Advantages
- Flexible Protection
Universal life products give you the flexibility to choose the amount of protection that best suits your family or business. It allows you to increase or decrease coverage as insurance needs change
- Flexible Premiums
With universal life insurance, you control the amount and frequency of payments. Looking towards the future? You have the option to increase the premium or make lump sum contributions, subject to limits as specified in the policy. The extra dollars grow tax-deferred, and may increase the cash and death benefit values. On the other hand, in a temporary cash crunch, you can pay less than the scheduled premium and let the policy's accumulated cash value pay the remainder of the monthly charges.
- Flexible Design
Universal life products can be customized with innovative policy features to fit your lifestyle
Whole Life Insurance
Whole life is permanent life insurance protection that protects your family or business no matter what lies ahead, from the day you purchase the policy until you die, as long as you pay the premiums when due.
Whole life insurance can be a solid foundation upon which to build a long-term financial strategy because it guarantees a lifetime of protection for your family or business.
Generally, the death benefit can be used for:
- Survivor needs
- Mortgage protection
- Wealth transfer
- Charitable giving
- Business needs
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