Life Insurance
Term Life
Term life insurance is a policy that will pay out a stated death benefit for a chosen amount of time. It is typically for 10, 20, or 30 years. This policy has the most affordable fixed premium that is paid for the length of the policy. If the insured dies during the time period, the policy pays out the contract amount to the listed beneficiary. It is normally used as an income replacement to cover financed assets.
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Whole Life
Whole life insurance is a policy that is also known as permanent life. These policies have life-long coverage. It has fixed premiums that are more expensive then term life policies. In addition to a guaranteed death benefit this policy earns tax deferred cash value that can borrowed against.
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Universal Life
Universal life is a permanent life policy. It offer life long coverage with flexible premium and death benefit options. It allows for adjustable payments, death benefits and does not have a guaranteed cash value.
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