Life Insurance

Term Life

Term life insurance is designed to provide you with protection for a specified period of time, typically one, five, ten or twenty years. For instance, term insurance can ensure that your family will be able to pay off the mortgage, pay ongoing living expenses, or fund college education costs if you die prematurely while you still have outstanding debts or while your children are young.

Term life can provide either a level or decreasing death benefit. A level death benefit stays the same throughout the policy period. A decreasing death benefit, commonly used to insure a declining debt such as a mortgage, decreases as illustrated in the insurance contract, typically annually.

Whole Life

Unlike term insurance, whole life offers coverage for your entire life. And it accumulates cashvalue, which is accessible in the form of loans or withdrawals. So whole life can represent a future source of money as well as protection. The premiums are guaranteed to remain the same throughout your lifetime.

Whole life coverage can be a beneficial option for an array of ages and family situations:

  • Members of all ages may be eligible to apply (depending on the product offered).
  • Children and grandchildren benefit because the policy provides for a low premium at a young age, and the premium remains level.
  • Young families with limited premium dollars benefit because it provides a simple insurance plan offering financial security and cash values.
  • More mature members benefit because of tax-favored accumulation of cash value and life insurance coverage.
  • Premiums are paid over your lifetime, or a shorter period, depending on the product offered.

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