LIFE INSURANCE

Know your family will always be safe, even when you're not there to protect them.

People insure their car or house without thinking twice. However, many times they fail to properly insure the source that provides these necessities – namely, themselves. Life insurance is protection that is sometimes overlooked by the general public. 

Unfortunately, most people don’t like talking about life insurance because death is not a pleasant subject.

There are many planned and unplanned needs for funds that can be satisfied through life insurance. Policies with cash value can provide funds during the insured's lifetime and benefits after the insured's death. Life insurance can make funds available upon death to meet any of the beneficiary’s needs.

Types of Life Insurance

Not all life insurance is the same. There are, in fact, two major types of life insurance—term and whole life. Whole life is sometimes called permanent life insurance. It encompasses several subcategories, including traditional whole life, universal life, variable life and variable universal life.

Term

Term Insurance is the simplest form of life insurance. It pays only if death occurs during the term of the policy, which is usually from one to 30 years. Most term policies have no other benefit provisions. There are also two basic types of term insurance polices—level terms and decreasing term.

Level term means that the death benefit remains the same throughout the duration of the policy. Decreasing term means that the death benefit drops, usually in one-year increments, over the course of the policy’s term.

Whole Life/Permanent

Whole life or permanent insurance pays a death benefit whenever you die—even if you live to 100! There are three major types of whole life or permanent life insurances—traditional whole life, universal life, and variable universal life.