Life Insurance
WHY DO I NEED TERM LIFE INSURANCE?
The number one reason for purchasing term life insurance is to provide peace of mind to your loved ones. If you were to die prematurely, would your loved ones be able to maintain their standard of living? Term life insurance can provide a cash death benefit that could be used to including the expense of a funeral service, pay off a remaining mortgage balance, fund children's education expenses, or just to help pay ongoing expenses after your death.
HOW DOES TERM LIFE INSURANCE WORK?
Like other types of life insurance, term life insurance starts with an application for coverage with an insurance company. Once a policy is in force with the company, you pay monthly, quarterly or annual policy premiums to maintain coverage. If you die during the specified policy term, the insurance company pays the specified death benefit amount to your named beneficiaries.
WHY DO I NEED UNIVERSAL LIFE INSURANCE?
The reasons for buying universal life insurance are almost as varied as the number of policies available for purchase.
For most people, providing a ready source of funding for grieving loved ones after death is an important consideration. When you die, will your loved ones be able to afford to pay your final expenses and debts and be able to maintain their current standard of living? If the answer is "no", it's time to explore various life insurance options to determine what makes the most sense for your situation.
HOW DOES UNIVERSAL LIFE INSURANCE WORK?
Just like other forms of insurance, you'll need to apply for coverage and pay an initial premium. Once your policy is in-force, you'll need to make periodic premium payments to keep your life insurance benefits.
One of the best features of universal life insurance is flexibility with your premium. You can pay higher premiums to add to your policy's cash value when you're able. Or, if you need to reduce the premium for a period of time, you can make adjustments to the policy to accommodate that.