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Life Insurance

Life Insurance Information

There are many kinds of life insurance, but they generally fall into two categories: Term Insurance and Whole Life Insurance.

Term Insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

Whole Life Insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

Universal Life Insurance is a flexible insurance policy. This means that you can adjust the amount that you pay for the insurance at any given time, however, this may decrease the face amount of the policy. Also, similar to whole life insurance, the policy accumulates a cash value, which can be also used as a savings vehicle. (keep in mind, any gains can be taxed upon withdrawal)

No Exam Life Insurance apply's to how you obtain one of the three above options. If you have not been diagnosed with any major health issues, this option will allow you a quick approval process without having to schedule and complete a full medical exam. The caveat is that you will pay slightly higher premiums for this convenience.

It's impossible to say which type of life insurance is better, because the kind of coverage that's right for you, depends on your unique circumstances and financial goals.

But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified and licensed life insurance professional.

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