Life Insurance
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Why get life insurance? First and foremost, to protect your family and those who depend on you for financial support. Life insurance will provide a payout to your beneficiaries if you pass away, Life insurance will replace your income that your family is relying on. Different kinds of policies can provide other benefits as well.
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What are the types of life insurance?
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Term Life Insurance:
This coverage lasts for a limited time, typically 10, 20, or 30 years. However, when your term ends, you're no longer protected – you either have to apply for a new policy at a higher cost (because you're older & perhaps less healthy) or go without. Term life insurance rates are typically significantly less than permanent whole life.
Whole life insurance:
Whole life insurance is a permanent life insurance that helps protect your loved ones in the future and your finances now. Whole life insurance policies offer two primary benefits: a guaranteed death benefit paid to your beneficiaries when you pass away, (they don't expire as long as your premiums are paid), and a cash value that can be withdrawn or borrowed from during your lifetime.
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All life insurance policy guarantees are subject to the timely payment of all required premiums and the claims paying ability of the issuing insurance company. Whole life policy loans and withdrawals affect the guarantees by reducing the policy's death benefit and cash values. Some whole life polices do not have cash values in the first two years of the policy and don't pay a dividend until the policy's third year. Talk to your financial representative for more information.