- Term Life Insurance: Term life insurance is an affordable option, which allows flexibility regarding how long you want the policy for, as well as the amount of protection for you and your family. Common term lengths are 10, 15, 20, or 30 years. The cash benefit from this policy may be used by beneficiaries to settle healthcare and funeral cost, debt obligations, or mortgage debt.
- Whole Life Insurance: Whole life insurance is a permanent form of life insurance because it covers you for the term of your life. Whole life policies also build up “cash value” from part of the premium being invested. The policyholder may access that cash value as the funds grow. With whole life insurance, your premium payments remain the same over the lifetime of the policy. You can choose how often you’d like to make premium payments, too – annually, semiannually, quarterly or monthly. This policy is good for people looking for a life-long insurance option, predictable premiums, and the ability to accumulate a guaranteed tax-deferred cash value with a fixed rate of interest over time.
- Universal: This policy offers premium flexibility from year to year, has maximum guaranteed premiums, and minimum guaranteed cash value and death benefits.
- Variable: Offers increased cash value, guaranteed annual premiums and minimum death benefits. However, there is no guaranteed cash value and you must direct the investments for your policy.