Achieve Long-Term Security
Life insurance can help you protect what is most important to you, like your family, your home, and your small business. It can also be used for financial needs, like saving for college, donating to a charity or creating an inheritance for your heirs. Your agent can help you decide which type of life insurance is right for you and design a policy that meets your needs.
When you work with your agent to get life insurance coverage, you’ll be able to choose from a full range of policies. Term life, whole life, universal life and variable life insurance can all be used to meet different needs, so it’s important to work closely with your agent to make sure you get the coverage that’s right for you.
Term Life Insurance
Term life insurance is probably the most popular type of life insurance since it’s the lowest-cost and the easiest to understand. Term insurance provides level death benefit coverage for a specified period of time, like 10, 20 or 30 years, so it can be useful if you need protection while you’re paying your mortgage or while you have children living at home.
Whole Life Insurance
Whole life is permanent insurance, which means it’s designed to last for a lifetime. You’ll pay fixed premiums and your life insurance will earn a guaranteed cash value that you can borrow or withdraw from if you need money for other things.
Universal Life Insurance
Universal life is also permanent insurance. It’s a flexible type of insurance that can be customized with options and riders to meet your unique needs. It also earns a cash value that grows based on a fixed interest rate, and you can borrow or withdraw from the cash value if you need to access it.
Variable Universal Life Insurance
Variable universal life is very similar to universal life in that it’s permanent, flexible and earns cash value which you can access via withdrawals and loans. The difference is that with a variable universal life insurance policy, your cash value is invested in the stock market in underlying fund options that you select. Your agent will work with you to determine your risk profile and choose funds to match your investing style.