Life insurance may be one of the most important purchases you'll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children's education, protect your spouse's retirement plans, and much more. If you're considering securing you and your family’s financial future, we would be happy to review your current situation and offer a few ideas on how you can protect it!
Term Insurance is the most affordable type of insurance when initially purchased and is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you pass away during the term period. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
Whole Life Insurance are permanent policies. That means they're designed to last and provide coverage protection for your entire life and won't expire after a certain period of time as long as the required premiums are paid. They offer a guaranteed premium and death benefit, while also having the capability to accumulate and build a cash value which can be used while the insured is still living.
Universal Life ( or UL) Insurance is also a form of permanent coverage that allows you to build cash value. Universal Life Insurance was created to provide more flexibility than Whole Life Insurance. The flexibility that a Universal Life policy provides is the key differentiator versus Whole Life. Some flexible options of a UL include the ability to increase or decrease the policy benefit amount, as well as having flexible premium options that may allow you to adjust how much you'll pay each year by accessing some of the policy's cash value.
