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. 

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.