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HOW LIFE INSURANCE SERVES YOU

Term & Permanent Products - Know the Difference

No matter your age, martial status, or number of dependants, Life insurance can benefit people at all stages of life. Determining which type of life insurance policy is the best option for you depends on your individual circumstances and financial goals.

Term Life Insurance

  • Is generally less expensive than permanent life insurance.

  • Provides coverage for a specific amount of time.

  • Often provides the greatest amount of coverage for the lowest initial cost.

  • Has premiums that stay level for a set amount of time, usually 10, 20, or 30 years.

     

    Permanent Life Insurance

  • Permanent life insurance may be a good option if you have long-term needs like income for a spouse, an inheritance for children, or end-of-life expenses, because it:

  • Can remain in force as long as you live.

  • Premiums generally do not increase during the life of the policy.

  • May build cash value which you can borrow for other uses or which you can use to help pay your premiums in the future. If the policy is cancelled, any cash value is sent to the policy owner.

  • Permanent life insurance includes:

  • Whole life insurance - is one of the most common types of permanent life insurance. Premiums on whole life policies are guaranteed never to increase as long as the policy remains in force; policies offer guaranteed cash value accumulation, and the policy owner may borrow against the cash value of the policy.

  • Universal life insurance - allows you to tailor your insurance to meet your changing needs with flexible premiums and benefits with potential for building cash value. The policy owner may also borrow against the cash value of the policy

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