Life Insurance Coverage

Life insurance ensures family members are tended to after the policy holder passes away. Funeral expenses, household debts, basic living expenses, college tuition, medical bills, and more, can be supported by the deceased. The three different types of life insurance include: term life, whole life, and universal life.

Term Life Insurance

The most modest form of life insurance, these products offer coverage for a specific period. No cash value is given at the end of the policy; proceeds are granted to beneficiaries. Premiums are generally fixed and lower than other policies.

Whole Life Insurance

With lifetime-lasting coverage, this type of insurance is also called “Permanent Life.” Death benefits are paid regardless of age. Premiums are fixed, based on the age of issue, and do not increase with age.

Universal Life Insurance

This type of life insurance offers a flexible balance between term and whole life options. It offers reasonably priced protection combined with monetary accumulation. Premiums can be adjusted throughout time; upon death of the policyholder, the beneficiaries receive payment.