Life Insurance

Life insurance is an important part of your financial planning. It provides a “death” benefit to your beneficiaries when you die. The benefit can be used to pay funeral expenses, replace loss of income or help your loved ones pay off debts.

There are several types of life insurance. The two most common are: Term Life and Permanent Life insurance.

Term Life Insurance provides a specific death benefit for a desired period of time such as 10, 15, 20 or 30 years. With decreasing term, the death benefit will decrease as the term progresses, usually in one year increments. There is also an option for renewing Term Insurance at the desired 10, 15 or 20 year term.

Permanent or Whole Life Insurance provides a death benefit that is paid out regardless of when the policyholder dies. The policy remains in force for your entire life as long as you meet the premium payment guidelines. As the premium you have paid in accumulates, the cash value of your policy increases. It can usually be cashed out or borrowed against, similar to a savings account. However this does decrease the death benefit unless paid back. There is also Universal or Adjustable life insurance which can offer more options such as increasing the death benefit or lowering the premium payments due to changes in your financial situation.

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