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Life Insurance


Life Insurance Information

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 (the "term") 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. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

In contrast, permanent insurance provides lifelong protection. 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.

But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified and licensed life insurance professional.

Things to know: Benefits of having life insurance:

    1.Duration of the policy

                                             

      1. Covering expenses like education for your children;

    2. Cost of Premiums       2. Paying for final expenses like funerals and burials;
    3. The Accumulation of Cash Value       3. Paying off outstanding debts;
    4. Availability of Coverage       4. To Replace a spouse's income in the event of death or disability;
    5. Renewable of a Term Insurance       5. Paying off estate taxes after death;

    6. Investment Value

      6. Long-term care of critical illness and disability.



Term Life Insurance Permanent Life Insurance
Payment Fixed Premium Flexible Premium
Tax-Free Income/Cash Accumulation No Yes
Death Benefit Guarantee Yes(within the term limits) Yes
Conversion to Permanent Yes
N/A

Business Owners Yes
Yes

Medical Exam Depends on the life insurance company
Depends on the life insurance company

Mortgage Protection Insurance Yes
Yes



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