Life Insurance

Term Life - Provides coverage for a limited period of time. After that period, the insured can either discontinue the policy or pay annually increasing premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis.

Whole Life - Whole life insurance is a type of permanent life insurance in which the coverage and the premiums remain the same your entire life. As long as your premium payments are made as agreed, your insurance coverage lasts throughout your life, and the death benefit is a guaranteed amount.

Variable Life - Combines protection against premature death with a savings account that can be invested in stocks, bonds, and money market mutual funds at the policyholder’s discretion.

Final Expense - Sometimes, known as burial insurance or funeral insurance. Final expense insurance is an insurance policy used to pay for funeral services and a burial when the named insured dies. Such a policy helps ease the financial burden placed on a family when a loved one dies.

Annuity - A type of asset that provides a fixed payment each month or year until a person dies. Most pensions are annuities; annuities can also be purchased directly from insurance companies. Types of annuities include the following: deferred annuities, fixed annuities, variable annuities, immediate annuities, and annuity certains.

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