Life Insurance

Term life insurance is the simplest and the least expensive type of life insurance. It’s called ‘term life,’ because you buy a policy for a fixed term—usually 10, 15, 20, or 30 years.  If you are looking to cover specific financial responsibilities, like a mortgage or college expenses, for a specific time period at a reasonable price, consider term life insurance.  

 Whole Life Insurance is designed to protect you your entire lifetime and  never expires. You’ll pay a fixed premium throughout your life, or until you decide to cash in your policy.  It differs from term insurance in that a portion of the premium goes into a guaranteed cash value account that is accessible, as well as a death benefits portion. You can borrow tax-free against the cash investment part during your lifetime, which isn’t an option with term life insurance. 

  Universal life insurance is a form of permanent life insurance that may provide life insurance protection along with the benefit of flexible premiums, and cash value buildup, similar to the savings element in whole life insurance. Experts agree universal life insurance is the affordable alternative to whole life insurance. 

 Final expense insurance is designed to cover the bills that your loved ones will face after your death. These costs will include medical bills and funeral expenses. Final expense insurance is also known as burial insurance. 

With funeral insurance, the value of your policy is proportionate to the expense of your desired funeral. While other forms of life insurance can top a million dollars, it’s rare for final expense insurance policies to get above $20,000.