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Life Insurance

What is Life Insurance?

Originally life insurance was created to provide financial benefits to your loved ones in the event you cannot be there for them. This is still one critical component of life insurance, Life Insurance has evolved to also provide options to build and create long-term assets.

Three Basic Types of Life Insurance

There are three basic types of life insurance, Term Life Insurance, Whole Life Insurance, and Universal Life Insurance.

Term Life Insurance

Definition: Life protection for a specific period of time.

Pros:

  • Affordable price

Cons:

  • Coverage ends after the term
  • Fixed term payment
  • No cash value

Whole Life Insurance

Definition: Permanent life insurance provides protection for your entire life, and requires a fixed amount of regular payments.

Pros:

  • Lifelong protection
  • Builds cash value

Cons:

  • More expensive than Term Life
  • Fixed term payment

Universal Life Insurance

Definition: Permanent life insurance provides protection for your entire life, and allows flexibility to adjust your coverage and payments.

Pros:

  • Lifelong protection
  • Builds cash value
  • Flexible term payment

Cons:

  • More expensive than Term Life

Give us a call, we are happy to help you choose the right life insurance to meet your needs.

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