Life Insurance

"If every wife knew, what every widow knows,
No family would be without adequate life insurance."

Term Life Insurance

Term life insurance is life insurance which provides coverage at a fixed payment level for a fixed period of time (the term). After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments and/or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary.

Term insurance is the least expensive way to purchase life insurance for a specific period of time and is best used when the reason for the insurance is to provide protection for a specific reason such as for minor children or to ensure payment of a mortgage, final expenses, consumer debt payoff, etc. While term insurance has the price advantage, the disadvantage of term insurance is that it gets more expensive with each term renewal and may not be affordable after the insured reaches an older age; the time when the risk of passing increases.

Whole Life Insurance

As the name implies, Whole life insurance is designed to provide protection over the insured entire life. It is also referred to as Permanent Life Insurance and comes in many different products types.

Whole Life is designed to guarantee coverage at fixed premiums for the lifetime of the covered individual. Premiums are higher in the early years of the policy, than the cost of insurance require, and therefore the policy will build cash value which will help off set the higher cost of insurance later in life and allow the premium to remain constant. The cash value will build over the life of the contract, available for later withdrawal by the client under specific conditions, or can be borrowed against in some products to help cover a short cash flow problem or to help with retirement planning.

Life insurance brings peace of mind that your family will be taken care in case of a tragedy or early death. Please contact us today with your life insurance question and we can help determine which product is the best for your specific needs and concerns.

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