Life insurance can help ease financial pressure for your family in the event of an unexpected death. Life insurance plans also have features and options that can protect you while you are living, which is why life insurance is a valuable planning tool for your financial future. Plans can be tailored to your specific needs as a part of an overall financial strategy, or as stand-alone protection. With life insurance, you can live safely knowing that your family is protected.
There are two basic types of life insurance: Term Life and Permanent Life.
Term Life insurance is a less expensive choice that provides death benefit protection for a specific period of time and for a predetermined amount. This type of plan is ideal for a family with kids in the home, someone on a limited budget or to supplement an existing short term insurance need.
Permanent Life insurance can provide flexible, lifelong protection. There are various benefits associated with each type of permanent life insurance, so finding the right fit for your financial plan is very important. A permanent policy can give you coverage to last a lifetime, tax-advantaged cash-value growth, help with estate, wealth transfer or retirement planning.
Types of insurance
- Whole Life – A standard policy that features level premiums, and offers both death benefits and cash-value potential with fixed interest rates.
- Universal Life – Offers more flexibility around the death benefit amount, premium payment amount and optional features.
- Indexed Universal Life –This policy’s cash value accumulation potential is based on positive changes in one or more stock market indexes, and the earnings are typically protected from downside risk.
- Variable Universal Life –Similar to universal life insurance, but allocating premiums to investment sub-accounts offers greater cash-value accumulation potential.
Talk with one of our insurance professionals to develop a strategy for determining which type of life insurance will be the best fit for your budget and to protect you throughout each stage of life.