Your coverage options

There are two basic types of life insurance to choose from: Permanent Life Insurance and Term Life Insurance. In many instances people find that their objectives are best met with a combination of both Term Life and Whole Life Insurance.

Permanent life insurance offers lifetime protection, which means your beneficiaries will receive a benefit no matter when you die. Some forms of permanent whole life insurance also accumulate a cash value, which can be used for a variety of life's opportunities and challenges. These features can provide flexibility in your long term financial strategy.

Term life insurance provides protection for a set period of time and offers death benefit protection only; there is no cash value component. Consequently, the premiums may be less costly initially than permanent whole life insurance. Term life insurance is an excellent way to get an amount of coverage that is comparable to permanent life insurance at an affordable cost.

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Term vs Whole Life Term Life Insurance Whole Life Insurance What is it? Term life insurance provides you with protection for a specified period of time (1,5, 10, 15, 20, or 30 years) at a lower initial cost. Whole life insurance provides you protection for your entire lifetime and accumulates a cash value that the policy owner can borrow against. Who should consider this coverage? Want to protect your family from financial hardship in the event of your death You are underinsured and want to supplement your coverage Have a long-term need for life insurance Want to accumulate cash value to borrow against to provide funds for child's education, retirement or other future goals What are the benefits? Lower initial cost than whole life insurance No medical exam required in most cases Independent from employment and/or pension plans. You own it. Premiums do not increase with age Builds cash value Independent from employment and/or pension plans. You own it. What are the considerations? Does not build cash value Coverage ends when policy expires Premiums may increase with age Initially higher premiums than term coverage Will supplement your retirement Makes it easier to save money

OPTIONS TO MEET YOUR NEEDS TODAY AND TOMORROW

Protecting your family with the right amount and type of life insurance can be one of the most important financial decisions you'll make. Term life insurance can be an affordable option to get the coverage you want at a cost you can handle.

If lifelong coverage is what you desire, permanent life insurance offers an array of benefits that apply to a range of life's stages, ensuring that whenever you or your family needs financial protection, your coverage is there.

Often times a combination of both  term life insurance and permanent life insurance  is the strategy that best meets all of your protection needs.

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