FAQ

Who Needs Life Insurance?
 
You need a life insurance policy if anyone depends on your income or stands to inherit a financial burden in the event of your death.

The money your dependents will receive, “the death benefit,” can help pay essential day-to-day expenses, such as mortgage and medical bills, and help your family reach longer-term goals such as your children’s college education. Plus, life insurance can help ensure that your loves ones are not burdened with debt, or forced to sell assets to pay outstanding bills or taxes.

You want to protect what matters most in your life - your loved ones.  With life insurance you help to ensure that the financial needs of your family are met in the event of your death.  This means peace of mind for you now, knowing your family will be secure in the future.

What types of life insurance policies are there?

There are two types of life insurance available today: term and permanent.  One is straightforward life insurance with a basic cash payout. The other works a little harder for you.  The type you choose will depend on your financial situation and what you’re looking for in an insurance policy.

Term Is for a Time
Term insurance is the most basic type of insurance. You can buy protection for a certain amount of time (or term) such as 5, 10, 15, 20 or 30 years. If you die before the term is over, your beneficiary gets the death benefit stated in your policy. If you live beyond the term, your beneficiaries get no payment. This type of insurance is usually the least expensive to buy.

Permanent Is for Life
One main difference between term and permanent life insurance is that permanent doesn’t expire. As long as premiums are being paid, it stays with you permanently. The other big difference is that with permanent life insurance, your premiums are invested to produce returns. This gives your policy a cash value, which usually accumulates at a guaranteed minimum interest and is available to help fund retirement, emergencies and more.