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Life Insurance
Why it's Important
Life insurance means you're helping prepare your loved ones for the unexpected — a thoughtful and appreciated gesture. It's designed to help growing financial commitments like day-to-day expenses, a mortgage, debt payments, and even aspirational promises like college costs for your kids.
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It can help your family cover financial expenses.
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It can provide a way to leave money to charity.
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Whole life policies build some cash value you may be able to borrow against in the future. Any outstanding loan balance is subtracted from the payment your beneficiary receives.
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Whole Life
Whole life insurance is a type of permanent life insurance policy that offers two primary benefits: a guaranteed death benefit paid to your beneficiaries when you pass away, as long as you keep the policy in force, and a cash value that can be withdrawn or borrowed from during your lifetime.
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has rates that remain the same throughout your lifetime
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could provide a future source of money prior to your death, building cash value over time.
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allows for loans (which incur interest) against the value, with unpaid amounts decreasing the death benefit.
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Term Life
A term life insurance policy is the simplest, purest form of life insurance: You pay premiums for a set 10-year, 20-year, or sometimes 30-year time frame, and if you die during that time, a cash benefit is paid to your family (or anyone else you name as your beneficiary).
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can provide affordable, high-dollar coverage for a specific period of time (or term).
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pays a benefit if you die during the term
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could have benefits and premiums that change over time, depending on the specific policy.
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Universal Life
A Universal Life (UL) policy, like whole life, can provide lifetime protection while building cash value with tax advantages.. Universal Life also gives you the flexibility to raise or lower premiums within certain limits, so it can cost less than whole life coverage. But it also offers fewer guarantees than whole life because if you make minimal premium payments for too long, it can impact cash value growth and the size of your death benefit.
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UL lets you raise or lower your payments within certain limits as your circumstances change
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The policy’s cash value grows on a tax-deferred basis, so no taxes are owed on current earnings or interest
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And as long as you keep a positive cash value amount, your coverage can’t be cancelled
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