Whole Life
You generally make level (equal) premium payments for life. The death benefit and cash value are predetermined and guaranteed. The policy owner's only action after purchase of the policy is to pay the fixed premium or to surrender the policy for its cash value.
Universal Life
You may pay premiums at any time, in any amount (subject to certain limits), as long as policy expenses and the cost of insurance coverage are met. The amount of insurance coverage can be changed, and the cash value will grow at a declared interest rate, which may vary over time. Guaranteed death benefits are available.
Individual Life insurance products can provide a wide of solutions to protect you and your family including: income replacement, mortgage protection, estate conservation, tax deferred retirement income, emergency funding for major illness to maintain a comfortable standard of living.
In the last 10 years, many companies have developed products with “living benefits” that you don’t have to die to use including critical illness, long-term care and disability.
Once we understand what life issues concern you most, we can guide you to a variety of solutions to give you that “piece of mind” that comes with the proper insurance coverage.
Term Life
Term policies provide low cost life insurance protection for a specific period of time. If you die during the coverage period, your beneficiary receives the policy death benefit or “face amount”. If you live to the end of the term, the policy simply terminates, unless it automatically renews for a new period. Term policies are available for periods of 1 to 30 years