Term Life Insurance

Term Life Insurance: Term Life Insurance is generally the most affordable type of coverage, allowing you to purchase the most coverage for your money. It provides coverage for a certain period of time ... 10, 15, 20, 25 or 30 years (the longer the term period, the higher the price). It pays the coverage amount of the policy (the Death Benefit) to your beneficiary if you die before the end of the covered period. Coverage amounts start at $50,000 and go as high as $50,000,000. Premiums remain fixed for the period selected.

Term life is good for:

• Folks on a tighter budget
• Folks who can easily define the period of time coverage is needed (i.e. to cover a mortgage or other loan; to provide coverage until youngest child has graduated college)
• As income replacement should the breadwinner die during high earning years

Permanent Life Insurance

Permanent Life Insurance (also called Whole Life, Universal Life, or Variable Life): Unlike Term insurance, Permanent Life Insurance is designed to last for the rest of your life. Permanent policies contain both a Death Benefit and, in most cases, a cash value (savings component). Cash values grow tax deferred and can be accessed in the future like a savings account. Because of this cash value and the lifetime Death Benefit, premiums for Permanent Life Insurance will usually be significantly higher than Term insurance. Premiums remain fixed for life.