Understand and explore life insurance options suitable for you with our in-depth guide: All You Need to Know About Life Insurance.
Replace your income to help your family with mortgage, bills, taxes, education and more.
Marriage, kids, home ownership or buying income properties add new financial responsibilities. Life Insurance may be an important asset in your financial portfolio.
Life insurance is to provide financial support to your beneficiaries; however, permanent life insurance may build cash value that can also help supplement your retirement.2
Leave wealth for your loved ones or support causes you care about with control of how assets are managed and distributed following your death.
What happens to your small business without you? Life insurance may help with the survival of your company's future.
Life Insurance can help the people you love and support. Proceeds can also help with final expenses. Life Insurance is usually less expensive when you’re young and healthy.
Take care of your spouse and perhaps your aging parents with a Life Insurance policy. It may be easier to qualify for life insurance at lower rates (depending on your health history).
Life insurance may be vital when you have small children and perhaps aging parents to support.
You may be the sole source of income for your children. Life insurance proceeds can help provide financial assistance if the unexpected happens.
Life Insurance may help with ongoing expenses of a surviving spouse when income may be reduced.
Term Life Insurance gives you the choice of picking the length of coverage of up to 30 years.
Term Life Insurance is the most economical option as it only covers death benefits.
Your premiums will be fixed during the term you choose. The certainty of fixed premiums helps you forecast your finances.
You can often pay a lower premium when you select a shorter term — say, 10 years instead of 20.
The premiums are based on risk of death. Once you are outside of the level premium period, a term life policy generally gets more expensive as you grow older.
Whole life insurance is the most common life insurance product offered by insurers.
Unlike term life, whole life provides coverage for, you guessed it, your entire life. It guarantees payment of benefits to your beneficiary as long as you maintain premium payments.
The two critical components of this policy are:
Universal Life Insurance mixes the advantages of whole life and term life insurance. It combines the ability to invest and build your savings (whole life) with the flexibility (term life) to choose how to invest a percentage of your premiums and how to use your savings.
It’s a long-term investment strategy that provides you with a life insurance policy while offering the ability to build savings. Because of the investment component, it is generally more expensive than term life insurance.
