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Life Insurance is the foundation for financial security for you and your family. It protects your financial resources against the uncertainties. When you have life insurance, you can plan for the future.
In addition, there are several types of life insurance to meet your needs.
Types of Life Insurance
- Whole Life Insurance is a policy you own and is offered at fixed premiums and fixed face amounts. They develop cash value over time. This means that you can give up the policy and be paid the cash surrender value. The premiums are usually tied to the amount of coverage so they can be costly.
- Term Life Insurance is a policy that will provide coverage for a fixed time at a cheaper premium. It is like renting insurance as it does not develop a cash value and you continue to pay premiums indefinitely. There are two different types of premiums you can pay. The Level-term premiums remain constant. Annual renewable premiums increase as you age.
- Universal Life Insurance is a policy that has flexible premiums and flexible face amounts. It is a combination of wholelife and term policies. Your premium is paid into what is called an accumulation fund. This fund is used to pay the mortality charge and earns interest. So long as thre is enough in the fund to cover the mortality charge, you may be able to skip payments. It is a matter of balance. If you pay in the early years, it may pay your premiums in the later years. Conversely, if you skip too much on the premiums, you may have to pay more in the later years.
- Business Owned Insurance
- Estate Planning Insurance
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