Life

Life Insurance

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Insurance that provides a secure future for your family.

Your family depends on you, and a major responsibility is ensuring their financial future remains secure, even without your being there. Purchasing a life insurance policy is the safety net that ensures your loved one’s future financial obligations are met, covering items such as funeral costs, outstanding debt, estate taxes and everyday living expenses.

For a married couple, it’s equally important that both spouses have a life insurance policy. If both people bring in an income, a death presents a difficult financial loss. The financial loss of a stay-at-home parent can often be undervalued; but expenses such as childcare and other domestic items can create financial hardship, too.

There are two basic types of life insurance: term life insurance and permanent life insurance. The type of life insurance policy that best suits you will depend on your unique needs. To help you decide, see our blog on buying life insurance.

What Life Insurance is Right For You?

Just as its name implies, term life insurance covers you for a specific period of time, or term, that you choose. Since it offers a death benefit but no cash value, term life insurance is an inexpensive way to protect your beneficiaries for a specified period of time.

It is ideal for those who have a temporary need for life insurance protection, for those who need a large amount of insurance protection but have limited cash or for those with specific business needs, such as additional coverage for a key employee.

Term Life Insurance can be renewed at the end of the term, at the option of the policyholder and without evidence of insurability, for a limited number of successive terms. It can also be converted, or exchanged for a permanent insurance policy, without evidence of insurability down the road.

With term life insurance, once the term expires, your coverage ceases and the policy has no further value. It’s important to note that rates generally increase along with the insured’s age

Permanent life insurance is any form of life insurance other than term. Examples are whole life, universal life and variable life. These policies combine term life insurance with a long-term, tax-sheltered savings plan.

Whole life is the most basic type of permanent life insurance. It provides coverage that lasts a lifetime and also builds up a cash value that you can borrow against, withdraw or use to pay future premiums.

A life insurance policy with a cash value is ideal for those who have a lifetime need for insurance protection, prefer stable premiums over the life of the policy, want a policy that allows them to build tax-deferred values, and value the high degree of coverage the policy affords. While rates for a whole life insurance policy remain stable over the life of the policy, premiums are initially more costly than for term insurance.

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