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Term Life Insurance
Universal Life Insurance
Whole Life Insurance
Group Life Insurance
"Key Man/Woman" Insurance
What is Life
Life insurance helps secure your family’s financial future after the death of you or your spouse. It also helps ensure that the estate that you have worked to build over your lifetime will be allocated to the beneficiaries you have chosen. When purchasing life insurance, you should ask yourself several questions to help lay out your life insurance needs:
· What financial responsibilities will your family
immediately inherit - such as a mortgage or car loan?
· What long-term goals will your family still have - such as
your spouse’s retirement or your children’s education?
· How much of the family income do you provide?
· Who else besides your family depends on you
· How will your family pay for your final expenses and
repay debts after your death?
Term Life vs. Whole Life Policies
Term Life Insurance covers you for a term of years – as short as one year or as long as 30 years. Term policies generally have lower premiums in the early years, but do not build up a cash value that you can access.
Whole Life Policies come in the form of Whole Life, Universal Life or Variable Life insurance and contain Cash Value. Each of these products usually offers coverage as long as you live. An important difference between these products and Term Life insurance is that once you have paid your premiums for a number of years, the policy will have a cash value attached to it.