Life insurance is an extremely important part of financial planning, but not many people want to talk about it. It’s difficult to imagine needing personal life insurance while you’re young and in good health. If you have dependents, life insurance can help protect your spouse, loved ones and estate. Life insurance can give you the peace of mind to know that, if something should happened to you, your loved ones won’t be left with a legacy of debt.
WHAT TYPE OF LIFE INSURANCE DO I NEED?
|Term insurance is a basic form of life insurance and is well-suited to meet high, short-term protection needs for the lowest initial cost. Term life insurance coverage can do a good job of meeting immediate needs and may provide the opportunity to later move or convert to permanent life insurance without providing proof of health.
|Permanent life insurance can protect you for your lifetime. It can build a tax-advantaged cash surrender value and provide a death benefit.
|Participating life insurance combines permanent life insurance protection with a tax-advantaged savings component. It can protect you for life and also have the potential to receive policyholder dividends that can be used to purchase additional life insurance or reduce your out-of-pocket premiums. Participating Life has guarantees for basic coverage – premium, death benefit and cash surrender values.
|Universal life insurance combines permanent life insurance with a tax-advantaged investment component. You can customize solutions that change over time to fit your evolving lifestyle, budget and savings objectives.