Life Insurance

Term life insurance pays a death benefit to the beneficiary, if death occurs within a specified period or “term” (i.e. 10, 20 or 30 years). If the insured survives the term for which the life insurance was purchased, the policy can be renewed for additional time or converted over to whole life coverage.

Permanent life insurance is designed to remain in force for the insured’s life, regardless of how long that life is. In addition to providing a death benefit that is payable to the policy beneficiary upon the insured’s death, permanent life insurance also builds cash values that the policy owner can access while the insured is alive.

Universal life insurance falls in the whole life category with flexible premiums. The adjustable characteristic refers to the policy’s death benefit. This policy also has the cash growth benefit.