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| Life Insurance Plans | |||
| Learn about the different types of life insurance plans and which one best meets your families needs. | |||
| The three most common types of life
insurance plans are whole life, term life, and universal life. The
basic difference between the three are as follows: Whole Life or Permanent - Whole life insurance is designed to provide guaranteed lifelong, permanent protection. Whole life insurance builds guaranteed cash value over the life of the policy. Coverage won't decrease and premiums won't increase, provided required premiums are paid. Whole life insurance helps families meet cash needs following the death of a loved one. These needs include final expenses, debt repayment, legal costs, and replacement of family income. |
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Term Life - Term life insurance provides protection for a specified period of time, such as when a family's basic insurance needs are the greatest. Term insurance may also be purchased for a specific purpose, for example, to cover a mortgage or provide for a child's education. The death benefit is paid if the insured dies during the "term" of the policy. Normally, term policies do not accumulate cash value Universal Life - Universal life insurance is designed to meet a family's changing needs. It offers great flexibility for clients who understand how it works and require fewer guarantees. Policyholders accept more risk in return for "market sensitive" interest rates Learn more about life insurance from this free brochure sponsored by LIFE. Find out how much life insurance your family really needs. Use our Life Insurance Calculator.
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