There are many different kinds of life insurance. Which kind of policy you should buy depends upon:

  • How much protection you need.
  • How long you will need it.
  • What you can afford to pay.

There are many different kinds of life insurance. Which kind of policy you should buy depends on how much protection you need, how long you will need it and what you can afford to pay.

Permanent Life Insurance

Permanent Life Insurance

Permanent life insurance provides coverage for an insured’s lifetime. It generates cash values that accumulates tax-deferred, and which can be borrowed against to cover college expense or to supplement income.

• Whole Life

– Provides a level death benefit, generally at a level premium. There are a variety of whole life policies, including those with limited, single or step-rated premium-paying durations.

• Universal Life

– Provides an adjustable death benefit. Cash values are based on the company’s current interest earnings and premiums are flexible so long as there is sufficient cash value to cover all policy charges and expense each year.

• Survivorship Life

– Provides coverage for two people, usually spouses, under one contract. The death is paid to the named beneficiary at the second death. Premiums are based on the age and rating of each insured.