The main purpose of life insurance is to provide benefits and financial protection for the families of those that have passed away. It can be used to pay for expenses that occur upon the insured’s passing, such as medical bills, funeral expenses or other debts.
Term Life Insurance
Term life insurance is the simplest form of life insurance and it is temporary. Term life products offer coverage for a limited time period, at a lower premium, with no cash value accumulation.
A term life insurance policy should be considered if the policyholder seeks to:
- Have lower monthly premium payments
- Have a temporary financial protection need
Whole Life Insurance
Whole life or permanent life insurance offers coverage that can last a lifetime, providing guarantees for premiums, cash value and death benefits. Whole life products offer coverage for life with a premium that never increases or decreases.
A whole life insurance policy should be considered if the policyholder seeks to:
- Have the assurance of lifelong protection
- Have cash value that can be used as a living benefit
Universal Life Insurance
Universal life is a flexible permanent life insurance, which offers reasonable protection of term life while providing the benefit of cash accumulation that comes along with whole life insurance policies.
A universal life insurance policy should be considered if the policyholder seeks to:
- Have adjustable premiums and death benefits
- Secure a policy with cash value that grows tax-deferred (until funds are withdrawn)
Life Insurance Carriers
- Aetna Senior Supplemental
- Baltimore Life
- Manhattan Life
- Mutual of Omaha
- Oxford Life
- Settlers Life
- United American
- United Home Life
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