Life insurance is an important gift you give your family. Individuals purchase life insurance because they love someone and want to be sure that loved one would be protected financially if the unexpected were to happen.
Different life insurance options can assist in all aspects of a person’s life, from protecting your assets and providing for the people you care about, to planning for retirement, to leaving a lasting gift to an individual or charity.
Ordinary Whole Life Insurance
Ordinary Whole Life Insurance is the most common type of permanent insurance; it provides you with the certainty of a guaranteed amount of death benefit, and the premium is paid over your entire life time.
- 20-Pay: Premiums are paid for 20 years. After 20 years, the policy is paid-up and remains in force for the life of the certificate holder.
- 10-Pay: Premiums are paid for 10 years. After 10 years, the policy is paid-up and remains in force for the life of the certificate holder.
- 5-Pay: Premiums are paid for 5 years. After 5 years, the policy is paid-up and remains in force for the life of the certificate holder.
- Single Premium: A unique type of Whole Life Insurance, the insured pays one premium amount. This is an excellent planning tool that can transfer wealth to your family tax free.
Term Life Insurance
Term Life Insurance is valid for a certain period of time. Once that time period is over, the insurance has no value. To keep insurance coverage, the insured must renew this insurance at their current age. This will have an impact on the premium charged for the next term period. This type of insurance is usually issued for specific reasons, such as paying off debt from a mortgage or funding college education for your children in case death occurs at a younger age. Term Life Insurance also allows for spousal income as your income, and retirement planning contribution would end at your passing.
Term Life Insurance plans are offered in different lengths.