Term Life Insurance
Term Life Insurance is designed for a set period of time. It can be written to cover a certain period of years: 10; 15; 20; 25 or 30-years. It provides the beneficiary with the face amount of the policy in the event of the insured’s death during the covered period. This is the most cost effective way of insuring someone’s life.
Whole Life; Universal Life and Variable Life
These plans are designed to last the lifetime of the insured. Although these policies vary in design they all provide for the basic “life” insurance on the insured with a separate savings or investment account built into the policy.
Plans such as these are excellent for individuals or families that have estate planning needs. The plans provide dollars immediately after death to ensure the continuation of a business or to pay taxes. They allow the beneficiaries the freedom to make decisions without liquidating assets.