Term life insurance

Term life insurance policies generally offer the greatest amount of coverage for the lowest initial cost – they are the most straightforward form of coverage. If you have shorter-term needs and limited money to spend on insurance, a term life insurance policy may be the best fit for you.

Policyholders generally pay a premium on a monthly or annual basis for the length of that term. Proceeds help to cover financial responsibilities that decrease or end over time, like mortgages or car loans, should something happen to the insured. With term life policies, premiums will increase at the end of the fixed-term period.

Term life insurance policies are typically used to help provide additional life insurance coverage during child-raising years, to help pay for short-term debts, to help pay off a mortgage, or to fund a college education should the unexpected happen.

Whole life insurance

Whole life is one of the most common types of permanent life insurance. Whole life insurance combines a level premium with guaranteed cash values which the policy owner may use to meet a variety of financial goals. Whole life insurance policies may also produce excess credits, which may be used to purchase additional paid-up life insurance, potentially increasing the available death benefit. Best of all, whole life policies may offer generally income tax-free access to cash value and death benefits.

- Good for young adults just beginning an insurance program
- For families needing life insurance protection while saving for the future
- Guaranteed cash value accumulation

Universal life insurance

As your life changes — marriage, parenthood, promotions, retirement — your insurance needs may change as well. To adapt to your ever changing life, and continue to meet your insurance needs, there’s universal life insurance.

Universal life is a variation of permanent life insurance that offers a wide variety of advantages. Like most permanent life insurance policies, universal life options offer lifelong coverage, as long as all premiums are paid to keep the policy in force. However, universal life insurance also offers a considerable amount of flexibility and benefits to the policyholder, like:

- Flexible premiums and frequency of payments.
- Adjustable benefits and coverage levels.
- Potential cash value accumulation over time.