Life Insurance

Term life Insurance

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Life insurance is a means to cover the immediate costs of losing a loved one as well as providing an income replacement for benefits that are no longer available to the surviving spouse. The amount and type of insurance purchased are based on the specific needs of the insured and should be discussed with insurance professionals.

Universal Life Insurance

Whole Life Insurance

Term Life Insurance is designed to cover a specific need for a particular period. The most common time frames are 10, 15, 20 years. The premiums can be consistent with the contract period but will increase once the contract expires. These policies are appropriate if the need for the insurance is not permanent.

Universal Life Insurance is a type of permanent life insurance designed to cover the life time of an individual. For this reason Universal Life Insurance premiums are generally higher than Term policies but less than whole life policies. Universal life polices also have a deferred tax aspect for dividends earned over time. One unique feature to Universal life policies is they offer a flexibility you will not get in term or whole life policies.

Whole Life Insurance is designed to cover the insured for a lifetime. The premiums are generally higher than Term or Universal life policies but they offer a tax deferred feature on the savings component of the policy as well as level or fixed premiums for the insured’s whole life.