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Life Insurance

Life insurance offers the much needed financial means for preserving your family’s current way of life when you die. Usually, a policy is chosen depending on the different goals and needs you and your family may have.

All you need to do is to select a policy that suits your needs and then start paying monthly or annual premiums. If you pass away, the insurer will pay your family, or anyone named as a beneficiary, the exact amount specified in the contract. One can choose to receive the money in installments or the entire lump sum.

The main types of life insurance include:

Term Life

This policy offers financial protection for a specified duration, such as 10 or 20 years. The premium rates usually remain the same for the selected coverage period. This policy is less expensive compared to the other types and is ideal for a young family.

Universal Life

This is a permanent policy that is designed to give lifetime coverage. It is flexible and can allow you to lower or raise the premium payment throughout your life. Because it’s coverage the lasts for your entire lifetime, the premium payments are usually higher.

Whole Life

This is also a permanent policy that offers lifetime coverage. The premium payments are fixed and cannot be changed no matter the circumstances. It acts as a savings component for the insured and can accumulate tax-deferred with time. You can use this policy as a planning tool to preserve the wealth you intend to give to your beneficiaries.

Some benefits of Whole Life:

• It offers an infusion of cash to beneficiaries for dealing with any financial consequences that come with the insured’s death.
• It enjoys favorable tax treatment compared to other types of insurance.
• It is flexible and can adjust to the needs of the policyholder. The death benefit can be decreased, and premiums can be skipped, increased or reduced.

There is a suitable life insurance type for virtually any family and any situation. Speak with one of our experts to determine the best type of policy and coverage for you and your loved ones.






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