Learn About Life Insurance & The Types We Have Available

Life Insurance

Life insurance pays out a predetermined sum of money upon the death of the insured person.

Term Life Insurance

Term life insurance is life insurance which provides coverage at a fixed cost for a specific period of time. After that period expires, coverage typically will renew for the same term as before, but at a new fixed cost. The new cost will be based upon the new age of the insured at the time renewal period starts but no new health question will be asked. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial amount of life insurance, but it does not build any cash value that can be borrowed against.

Whole Life Insurance

Whole life insurance is a life insurance policy that remains in force for the insured's whole life. It is usually a little more costly than term, but the cost usually never increases which is a benefit when purchased during the younger ages of an insureds life. It also builds cash value enabling the owner to borrow money against the face amount during the life of the policy.

Universal Life Insurance

Is a type of whole life insurance. It is designed to be more flexible than regular whole life policies. Examples include, the option to grow the cash value of the policy at an accelerated rate for future financial goals. Another option is to temporarily postpone payments for a short term if needed. Options vary based on the Universal life policy written.

Variable Universal Life Insurance

Variable Universal Life Insurance is a type of life insurance that builds a cash value based on the stocks & bonds market. This type of policy is a lot more volatile and therefore can grow the cash value substantially or the cash value can be lost. It will however still pay the face value upon death of the insured.

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