Life Insurance

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Not All Life Insurance is the Same

Life insurance is a cornerstone in protecting your family’s well being. Even if you have it, it can get dated quickly. That’s why it is important to review and possibly update your policy with a professional every two years.

The right policy is always a sound investment. It can provide:

Replacement income for dependents
Cover burial and funeral costs
Create an inheritance for your heirs
Pay federal “death” taxes and state “death” taxes
Make significant charitable contributions
Create a source of savings

Types of Life Insurance

Not all life insurance is the same. There are, in fact, two major types of life insurance—term and whole life. Whole life is sometimes called permanent life insurance. It encompasses several subcategories, including traditional whole life, universal life, variable life and variable universal life.

Term

Term Insurance is the simplest form of life insurance. It pays only if death occurs during the term of the policy, which is usually from one to 30 years. Most term policies have no other benefit provisions. There are also two basic types of term insurance polices—level terms and decreasing term.

Level term means that the death benefit remains the same throughout the duration of the policy. Decreasing term means that the death benefit drops, usually in one-year increments, over the course of the policy’s term.

Whole Life/Permanent

Whole life or permanent insurance pays a death benefit whenever you die—even if you live to 100! There are three major types of whole life or permanent life insurances—traditional whole life, universal life, and variable universal life.