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Life Insurance
Life insurance policies and products are recommended based on the owner’s needs and goals. At our firm, we can help you select products and implement strategies that work for you and your family.
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Different types of Life insurance
Term Life
Term Life is an insurance that provides financial protection to the owner for a specific period of time (typically 10-20 years). With a traditional term insurance policy, the premium amount stays the same over the course of the coverage period, after which the policy may offer to continue coverage (often at a higher rate). In general, term life insurance may be less expensive than a permanent life insurance policy.
Term life policies can be used to replace lost income during working years, which can provide a safety net for your loved ones and help them achieve their goals. Although term life insurance can be used to replace lost potential income, the benefits are delivered in one lump sum, rather than regular installments.
Whole Life
Whole Life is a type of permanent life insurance designed to provide lifetime coverage. Because of the lifetime coverage period, whole life insurance tends to carry higher premiums than term life insurance. Premium payments are usually fixed. Unlike term insurance, whole life insurance has a cash value, which can function as a savings component and may accumulate tax-deferred over time. Like universal life insurance, whole life policies can be used in estate planning to help preserve wealth transferred to beneficiaries.
Universal Life
Universal Life is a type of permanent life insurance that provides lifetime coverage. Universal life policies are often more flexible than whole life insurance policies and may allow you to raise or lower your premium payment amount or coverage over the course of your lifetime. Universal life insurance typically has higher premiums than term insurance.
Universal life insurance is often used as part of estate planning strategies to help preserve wealth transferred to beneficiaries. It may also be used for long-term income replacement in situations where the need extends beyond working years. Some universal life products focus on providing both death benefits and building cash value, while others focus on providing guaranteed death benefit coverage.
Variable Life
Variable life insurance offers lifelong coverage with flexible premiums, often lower than other permanent options. The policy includes a cash value component that accumulates tax-deferred over time, serving as a savings element. Additionally, variable life policies provide greater flexibility, including customizable death benefits and investment control, empowering owners to allocate funds within the contract. This versatility makes variable life insurance a valuable tool for both protection and wealth accumulation.