Life insurance is very important coverage to have. In the event of a catastrophic event, it can provide a means for your family to take care of your personal affairs.
Term life insurance is a temporary policy that only stays in force for a set term. Usually term policies come in 5, 10, 15, 20 or 30 years, however a company could create a policy for any specific term. Once the term of the policy is over, so is the policy.
A whole life policy is designed to last as long as the buyer. While much more expensive than term policies a whole life policy comes with certain advantages.

As long as the premium is paid a whole life policy can never be taken away from the buyer no matter what happens medically. Whole life policies also have an accumulation account that goes along with them which allows the policy to act as a savings and limited investment for the buyer..

Variable life policies are almost identical to whole life policies except that the accumulation account is specifically linked to the stock market through mutual fund. This usually allows the account to achieve a much higher rate of return, assuming the market is in the investors favor. The cost on these policies is not much different than a standard whole life policy.

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