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Life Insurance

What is Life Insurance?

Life Insurance is a contract in which an insured takes out a policy that will pay out a sum of money either on the death of the insured person or after a set period. 

Popular Types of Life Insurance

Term Life Insurance guarantees:

  • Guarantee of a fixed amount of time that the coverage is in place. Coverage can typically be purchased for 10 years, 15 years, 20 years or 30 years.
  • Guarantee of the benefit. If you purchase a specific amount for a death benefit, then your beneficiary will receive that amount.
  • Your premium will not change. For the term life of the policy, you will not see any increase in cost for the death benefit that you purchase.

Universal Life Insurance guarantees:

  • Death Benefit will not decrease
  • Your premium will not change, however, with Universal Life, you may fund the policy with an additional premium. If additional funding is made, the policy may realize an accrued cash value. Cash value is not a guarantee, however.
  • Permanent insurance – unlike term life, this policy is permanent coverage and taking into account our normal life expectancy, the benefit will be there whenever you pass away.

Whole Life Insurance guarantees:

  • The premium will not increase
  • Death Benefit will not decrease
  • Accrual of cash value. Cash value can sometimes be used to offset the cost of insurance or can be borrowed against.
  • Permanent insurance – unlike term life, this policy is permanent coverage and taking into account our normal life expectancy, the benefit will be there whenever you pass away.

Term & Permanent Life Insurance

A comparison to help you determine whether to buy term insurance, permanent insurance or a combination of the two.

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Getting Your Affairs in Order

10 steps for creating a smart end-of-life plan.

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Life Insurance & Student Debt

A life story of the Importance of Life Insurance when you have Student Debt.

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Carriers We Work With

  • AIG
  • Companion Life
  • Genworth
  • John Hancock
  • Lincoln Financial Group
  • Midland National
  • Principal
  • Protective
  • Prudential Life
  • SBLI
  • Transamerica

Your Life Insurance Contacts