Which Life Insurance is Right for You?
Term Insurance
Term life insurance is a form of temporary insurance that provides a lump-sum payout upon death for a stated period of time. Since term insurance can be purchased in large amounts and for a relatively small out-of-pocket expense, it is most suitable for income replacement and short-range goals (i.e., to pay off a mortgage or loan, to fund a child’s education, etc.)
Whole Life
Whole Life is a form of permanent insurance that covers a client for as long as he or she lives and continues to make the required premium payment. Whole Life can be a good fit for achieving long-range goals, as the premiums remain the same for the life of the policy. In addition, cash values may provide money to help with temporary needs or emergencies that may arise.
Universal Life
Universal Life is a permanent, flexible-premium, adjustable death benefit life insurance policy that builds cash value. The flexibility of this policy allows you to change the amount of insurance, as your needs for it change. Some of these changes may require an additional medical exam. Universal Life makes sense for those individuals who have a long-term need for life insurance and desire premium flexibility.
Variable Universal Life
Variable Universal Life is a permanent, flexible-premium type of insurance that builds cash value. This cash value is allocated to various investment subaccounts at the discretion of the policy owner. Variable Universal Life can be a good fit for people who have a long-term need for insurance and desire the upside potential that the underlying variable investment options may provide.