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Life Insurance

Term Life Insurance

Term life insurance will provide a death benefit to your loved ones for a set period of time (Usually 10, 20, or 30 years). Once the term is up, your coverage will end. 

Term life insurance is best utilized when your goal is to cover large expense or debts that will go away with time (Such as covering a mortgage or paying for college). Since this type of life insurance is temporary, term life insurance is a lower cost option. 

Permanent Life Insurance

Permanent life insurance was created to provide death benefit coverage for the remainder of an insured's life. Unlike Term Insurance, a permanent policy will build up cash value (tax free) over the life of the contract which the insured will have access to. In other words, you don't have to die to use it. The premiums, while more expensive compared to term are level and will never increase. 

Permanent life insurance will provide protection from creditors. In the event of a disability a permanent policy will pay your premiums throughout the life on the contract as long as you have waiver of premium.  

Universal Life Insurance

Universal life insurance will stay in force as long as the premiums are paid or there is enough cash value to support the life insurance policy. Universal life insurance policies are usually credited based on interest rates which may change over time. Universal life insurance is usually utilized best as an estate planning tool. 

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