Life Insurance
Life insurance is a contract between an insurer and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime.
Our Different Policies
What Kind of Life Insurance Fits My Needs?
In a nutshell, Life insurance comes in two flavors: Term insurance and Permanent insurance.
Term vs. Permanent Insurance
Term insurance provides coverage for a set period of time and is usually less expensive. It provides the greatest amount of coverage for the lowest initial cost. It’s a good choice for your temporary needs or if your funds are limited. Permanent insurance, which includes Whole Life and Universal Life, is useful when you want to cover a long-term need like income for a spouse, “inheritance” for children or end of life expenses. Permanent insurance costs more initially, but can accumulate cash value. It’s difficult to say exactly which kind of Life insurance is better because the type of coverage that’s right for you all depends on your individual circumstances and financial goals. Often, a combination of Term and Permanent insurance is the right solution.
Term Life Insurance
- Affordable coverage
- Temporary coverage for your personal or business needs
- Renewable or convertible to permanent coverage
Whole Life Insurance
- Good for young adults just beginning an insurance program
- For families needing protection while saving for the future
- Cash value of a whole life policy accumulates at a guaranteed interest rate
Universal Life Insurance
- Flexible coverage
- Options for timing and method of premium payment
- Tailor coverage to your personal needs