What is it?

Life insurance is a simple way to protect your family against financial loss after you’re gone. The insurance company promises to pay your beneficiary a specific amount of money when you die in exchange for timely premium payments.

Why do I need it?

Although it is unpleasant to consider, the sudden loss of your income due to premature death would be devastating to your family. The proceeds from a life insurance policy can supplement income lost to your family upon your death. A policy can also be created to pay off debts and expenses, leave money to charity, or cover funeral and estate expenses.

Reasons to own Life Insurance

  • Replace income so your family can maintain their current standard of living

  • Pay off a mortgage or other debts or provide future rent payments

  • Provide a fund for your children’s future education

  • Pay final expenses such as funeral costs or unpaid medical bills

How much will it cost?

The cost of your policy depends on several factors. Risk factors such as your health and age affect your cost, but the type of policy you choose is also a factor. The four main types of life insurance are: Term Life, Universal Life, Whole Life, and Single Premium Life. The type of policy you choose depends on your life insurance protection needs.

For millions of Americans like you, term life insurance is an ideal solution for their family or business protection needs. Term life provides affordable guaranteed death benefit coverage for a specified amount of time.

Policies are generally issued for a pre-determined span of time such as 10, 15, 20, or 30 years.

Universal life insurance is a variation of whole life insurance. A universal life policy allows you to vary your premium payments. You are also able to adjust the face amount of your coverage.

Universal life provides the protection of a term life policy but also allows: the ability to change your death benefit amount, higher interest rates credited to your policy, and the flexibility to increase or decrease the face amount of your policy.

Some universal life insurance policies can also be used as a financial investment.

With a whole life policy, you generally pay the same premium for the duration of your life. Whole life premiums will be higher than the initial cost for a term life plan, but premiums are smaller than you would pay to keep renewing a term policy.

Single premium life insurance is for those who need life insurance and have a lump sum of cash available. It is ideal for the elderly since your one-time payment typically immediately secures coverage several times larger than your premium.