Life Insurance

What would happen to your family and loved ones if you’re not around? Life insurance provides the security and peace of mind to know they’ll be taken care of. Whether it's used to pay off your mortgage, replace your income for family, secure a business loan, create an estate – these all can be address with life insurance. Below are the different types of life insurance policies:

Decreasing Term

Level premium, decreasing coverage, no cash value: Suitable for financial obligations which reduce with time; e.g., mortgages or other amortized loans.

Annual Renewable Term

Increasing premium, level coverage, no cash value: Suitable for financial obligations which remain constant for a short or intermediate period; e.g. income during a minor’s dependency.

Long-Term Level Premium Term

Level premium, level coverage, no cash value: The annual premiums are fixed for a period of time, typically 5, 10, 15 or 20 years. Suitable for financial obligations which remain constant for a short or intermediate period; e.g., income during a minor’s dependency

Whole Life

Level premium, level coverage, cash value: Cash value typically increases based on insurance company’s general asset account portfolio performance. Suitable for long-term obligations; e.g., surviving spouse lifetime income needs, estate liquidity, death taxes, funding retirement needs, etc.

Universal Life

Level or adjustable premium and coverage, cash values: Cash values may increase, based on the performance of certain assets held in the company’s general account. Suitable for long-term obligations or sinking-funds needs: estate growth, estate liquidity, death taxes, funding retirement needs, etc.

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