Life insurance protects your family's financial future in the event of your death. Your life insurance options include term life and whole life and universal life policies.
Term Life Insurance is the simplest form of Life coverage. Term insurance is no more than a matter of premiums and a death benefit. Term insurance's span of coverage lasts only a specified period of time and at the end of the policy term, the coverage expires. If the insured dies while the policy is in force, the death benefit will be paid to the designated beneficiary. The cost remains the same during the life of the policy. At the end of the policy term, the insurance expires.
Whole Life Products
Whole Life Insurance: Permanent form of Life coverage that is provided for the insured's lifetime. Whole Life policies build cash value that the policy owner may borrow during the insured's lifetime, at a reasonable rate of interest. If there is an outstanding loan at the time of the insured's death, the death benefit is reduced by the loan amount. The cost remains the same during the life of the policy.
Universal Life Products
Universal Life Insurance: Permanent form of Life coverage that offers a great deal of flexibility to the policy owner. Premium payments may be varied, death benefits may be changed, partial surrenders are allowed, and cash value may be accessed either through loans or direct withdrawals. The annual rate may increase.