Life insurance can play a vital and valuable role at virtually every stage of your life. Its main benefit is to replace a household earner’s income in the event of their death, although it can also help pay for other things as well. This financial security you’ve created for the ones you love should be protected.

There are many choices to make when buying life insurance: how much to buy, which type to buy and what company to choose. There is plenty of advice out there, but it is also important to make sure that advice is customized to your individual situation.

Below are types of life insurance that can benefit you and your families futures:

TERM LIFE INSURANCE

This affordable solution ensures basic protection during a temporary situation (such as paying for your mortgage or children’s college). Your benefits would include:

• Often lower premium payments compared to permanent insurance with the ability to convert when the term ends

• A death benefit helps cover financial expenses your loved ones may incur.

• Rates stay locked in for the term length (in years) you choose.

PERMANENT LIFE INSURANCE

More than simply a death benefit, permanent life insurance offers long term protection no matter when you die. It can also include a “cash value component” that you can withdraw from or borrow against while living.

There are many types of permanent life insurance to choose from. These include: universal life, whole life, and variable universal life.

WHOLE LIFE INSURANCE

Unlike term insurance, whole life insurance lasts an entire lifetime as long the

fixed, regularly due premium payments are made. An essential part of whole life insurance is the growing cash value that can be accessed while alive when needed.

Core aspects of Whole Life Insurance include:

• Fixed premiums

• Variety of payment schedules

• Guaranteed purchase options

• Guaranteed cash value growth

• Annual dividends

• Death benefit

UNIVERSAL LIFE INSURANCE

Universal Life can include the build up of cash value but also allows the policy owner more flexibility in making premium payments.

Core aspects of Universal Life Insurance include:

• Flexible premiums

• Guaranteed increase options

• Potential cash value growth

• Access to cash value if needed

• Death benefit includes cash value*

Indexed universal life insurance is a variation that’s tied to a stock index.

VARIABLE UNIVERSAL LIFE INSURANCE

Variable Universal Life Insurance is similar to Universal Life but allows for the cash value to be invested in a separate sub-account to produce greater returns. These policies will have a maximum cap and also a floor on the returns the investment account receives.

Core aspects of Variable Universal Life Insurance include:

• Flexible premiums

• Guaranteed increase options

• Market-driven growth options

• Access to cash value if needed

• Death benefit includes cash value*

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