Life Insurance at a Glance

Term Life

A term life insurance policy provides coverage for a limited period such as 10 to 30 years. Because of this, term life is typically the least expensive form of life insurance.  Term is a great option to protect large loans and help young families have the support they need to maintain life without the missing income.  The downside to term policies is that there is never any cash value gained in the policy.  Return of your premium may be available depending on your age, health and plan.

Best for Mortgage Protection, Income Replacement, and Securing Large Loans.

Whole Life

By contrast, whole life insurance is permanent. It remains in place for your entire life, provided that you continue to make payments on the policy. If you die while the policy is in place, your beneficiaries will receive a set amount of money. The benefit of whole life insurance is that they build cash value which can then be used for a variety of purposes. Furthermore, with out policy options your premiums stay the same and will never go up. What’s confusing for many clients is that whole life policies can get confusing. For example, there is traditional whole life, variable life, universal life, etc. This makes goal-setting extremely important in choosing which whole life insurance policy best fits your needs.  Some provide Living Benefits if a terminal, critical or chronic illness is diagnosed. In this case, you will have access to the death benefit while the insured is still living.

Best for Covering Funeral and Final Expenses and Leaving a Legacy

Index Universal Life

Not to be confused with traditional universal life, indexed universal life best fits individuals and families who are looking for a flexible way to protect their loved ones and build tax-deferred cash value. The compound interest made in the investments is used to pay for the extra cost of insurance, while at the same time, still building a retirement safety net. *Always make sure you consult your agent about proper policy funding.  Usually less expensive then whole life and offers the same benefits plus more. Must qualify based on health and age.

Best for Getting more Coverage for Less, College Funding and Retirement Options