Life Insurance

A life insurance policy can help replace your income if you were to pass away. It provides you peace of mind knowing that your beneficiaries could use the money to help cover essential expenses, such as paying a mortgage or college tuition for children. It can also be used to pay off debt, such as credit card bills or an outstanding car loan.

There are several types of life insurance options to consider.

  1. Term Life Insurance

  2. Whole Life Insurance

  3. Universal Life Insurance

Whole Life Insurance

  • Permanent coverage as long as premiums are paid

  • Fixed premium and fixed death benefit

  • Living benefits

  • Builds cash value

Term Life Insurance

  • Temporary coverage

  • Coverage period 10, 15, 20, or 30 years

  • Affordable

  • Does not build cash value

Universal Life Insurance

  • Permanent coverage as long as premiums are paid

  • Premium amount can be adjusted

  • Builds cash value

  • Growth of cash value depends on market rates

Indexed/Fixed Indexed Universal Life

  • Permanent coverage as long as premiums are paid

  • Premium amount can be adjusted

  • Builds cash value

  • IUL policies allow you to grow your cash value by putting a portion toward an equity index account like the S&P 500 or NASDAQ