If there are individuals who depend on you for financial support, or if you work at home providing for your family you need life insurance. As young parents, life insurance is essential to protect a spouse in the event of a sudden death of the other spouse. The everyday costs of raising children and paying for kid’s college education can be covered by a life insurance policy in the event of a death. Older people may also need life insurance to protect a surviving spouse against the possibility of the couple’s retirement savings being depleted by unexpected medical expenses. Wealthy individuals with large assets can use life insurance as a tool to help reduce the effects of estate taxes or to transfer wealth to future generations.
Term Insurance is a temporary and cost-effective coverage with the opportunity to change should your needs change.
Term insurance provides:
Whole Life Insurance is the simplest form of permanent life insurance. It features lifelong protection with guaranteed premiums, death benefit, and cash value. Permanent Insurance is more expensive then term insurance but is guaranteed until the person dies or the policy is cancelled.
Some positive features of Whole Life Insurance are:
A Universal Life Policy provides flexibility that allows you to change, within limits, the death benefit and the timing and amount of your premium. You can build your policy’s cash value, or pay a lower premium and focus more on guaranteed protection. Universal Life policies typically offer a guaranteed return on cash value.
Some positive features of Universal Life Insurance are: