Life insurance is the cornerstone of sound financial planning. It can be an important tool in replacing income for dependents, paying final expenses, creating an inheritance for your heirs and creating a source of savings.
Term Life Insurance: The simplest form of Life coverage, term insurance is no more than a matter of premiums and a death benefit. The name fits since term insurance's span of coverage lasts only a specified period of time; if the insured dies while the policy is in force, the death benefit will be paid to the designated beneficiary.
Permanent Life Products
Permanent form of Life insuranece is coverage that is provided for the insured's lifetime. Permanent Life policies feature guaranteed level premiums, and build cash value that the policy owner may use to keep the policy in force, or may borrow during the insured's lifetime, at a reasonable rate of interest.
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.