Life Insurance

In the event of your passing, life insurance provides money directly to your beneficiaries. This extra income can be useful for your loved ones dealing with unexpected expenses, and can be used however they want. In other words, A good life insurance policy is an important part of your safety net!

Typical Uses of Life Insurance:

  • Make up for your lost income
  • Fund your child's education
  • Paying off household debt
  • Paying for your funeral and other related expenses

There are two typical Life Insurance policies that can be drawn up, as well as several options that can be included:

Term Life Basics

  • Provides coverage for a specified period
  • Easy to understand
  • Affordable way to get maximum coverage
  • Becomes expensive after the specified period
  • You build no equity

Permanent Life Basics

  • Protection for your whole life, as long as sufficient premiums are paid
  • Can build equity in the form of a cash value
  • Offers flexibility and many options to choose from

Different Options

  • Term Life — for temporary, simplified coverage and no cash value
  • Whole Life — for permanent coverage, with guaranteed premiums, death benefits and cash value growth
  • Universal Life — for permanent coverage, flexibility and less emphasis on cash value
  • Variable Universal Life — for permanent coverage, and potentially higher cash value through investment options, but you accept some risk
  • Survivorship Life — for lifetime protection for two people that pays a benefit upon the passing of the surviving insured