Life insurance can be affordable and meet your family’s needs. Whether you are looking for a term life insurance policy or permanent life insurance policy, we can connect you with a benefits specialist for a free consultation, so you find the right plan with the right level of coverage at the right price for you.
What is term life insurance?
Term life insurance policies provide coverage for a set "term", which can be 10, 15, 20, 25, or 30 years. Coverage starts at $10,000, and because the coverage only lasts a set period of time, these policies are usually cheaper and simpler than permanent life insurance policies. You can choose to renew after the term ends, but you will generally pay more for your next policy, and sometimes the cost for renewal is much higher.
Term life insurance policies can be a great choice to provide or increase your coverage during especially critical periods of your life. Term life insurance is a good fit for people who want to:
- Boost their life insurance coverage while raising a new child
- Cover their family from any short-term or anticipated debts
- Supplement their existing permanent life insurance
What is permanent life insurance?
Permanent life insurance policies do not expire (unlike term life insurance policies), providing
lifetime protection and peace of mind. Permanent life insurance comes in several types:
- Universal life insurance offers flexibility in premiums, benefits, and savings elements of the policy and a cash value component.
- Whole life insurance offers fixed premiums and a cash value component.
A major advantage of permanent life insurance policies is the cash value component that accumulates over the life of the policy, which can be borrowed from without a credit check and typically at a low interest rate.
Buying a permanent life insurance policy will give you lasting peace of mind and financial security for your loved ones, such as:
- Covering final expenses such as funeral costs and probate fees
- Providing lifetime protection
- Guaranteeing a lump-sum benefit is provided to your beneficiary
- Covering debt and unexpected expenses such as doctor bills
- Supplementing retirement income