Life Insurance - The Basics                                                                                                                                         Request a Free Quote

    Individual life insurance is primarily designed to protect against the financial loss that the death of a loved one or business partner can
    create. Life insurance provides a death benefit that can provide much needed income to help support your family, your business, or to
    send your children to college. Additionally, life insurance offers some tax advantages.

    Permanent Life or Term Life?

    There are two types of individual life insurance: permanent life insurance and term life insurance. Both permanent and term life
    insurance offer an income tax free death benefit to the beneficiary(ies). However, there are several general differences:

    Permanent Life Insurance

  • Provides life insurance coverage for the lifetime(s) of the insured(s).
  • Pays a company-guaranteed death benefit to your beneficiary(ies), provided sufficient premiums are paid to keep the policy.
  • Premiums are generally more expensive than for term life insurance because a portion of the premiums are applied toward your
    cash value buildup. However, the cost of renewing term insurance can eventually cost you more than the cost of purchasing
    permanent life insurance.
  • The policy owner may access the cash value  through loans or withdrawals. Both loans and withdrawals will reduce the cash
    value and death benefit. Loans are subject to interest charges.  Under certain circumstances, there may be tax consequences in
    taking a loan or withdrawal.
Life Insurance
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