Life Insurance

Term Life Insurance

Term Life Insurance option is geared toward younger people because it’s more of a temporary plan that only covers you for a period of time, usually 10, 20 or 30 years. If you were to stop living within that time frame, a set amount of money would go to the people/person you choose

Whole Life Insurance

Whole life insurance that provides for the payment of the face value upon death of the insured, regardless of when it may occur. Under whole life policies, the insured pays a level premium rate all of his or her life. This approach results in an over payment of premiums in the early years of the policy and an underpayment in the latter years, which averages out over the life of the policy. Whole life insurance also accumulates a cash value that the insured may borrow or otherwise use.

Universal Life Insurance

Universal life insurance (UL) is a hybrid life insurance policy which combines elements of term life insurance with an investment savings option. Universal life combines the ability to build savings at the same time as providing you a life insurance policy. This allows flexibility in what you can do with the savings or investment portion of the premium. Universal life insurance also contains an element of long-term investment strategy because it required you build the values in the investment portion through part of the amount or premiums paid into the policy.

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