Life Insurance

INSURANCE PLANNING

Life Insurance

  • Term Insurance (also known as Pure Life) is an insurance product that is that guarantees payment of stated death benefit if the covered person dies within a specified period. Term Insurance comes in either 10-year, 20-year, or 30-year level term and has a fixed premium for the life of the contract. Once the specified level period is up, policyholder has the option of converting to another policy. If no conversion happens then the policy is over.
  • Universal Life Insurance (also known as Flexible Premium Adjustable Life Insurance) is an insurance product is also a permanent life insurance but has an investment savings element. Ul Policies have flexible insurance premiums and can accumulate cash value. The insured has the option to pay more premium to add to their cash value or if enough cash value is available, have the option to use this cash to pay premiums.
  • Whole Life Insurance (also known as Straight Life or Permanent Insurance)is an insurance policy that runs for the insured’s whole life until death or the age of the policy which is typically to age 95 to 120. Premiums for a Whole Life policy are fixed are much higher than Term Insurance. This type of policy will remain in force for the life of the insured, if the premiums are paid. This insurance will begin to accumulate cash value after the third year of premiums have been paid.