Life insurance is a crucial part of any family's financial plan and stability. It acts as a safeguard against unexpected life events, providing a large, tax free income payout to the surviving family members to help prevent your loved ones from facing financial hardship during such a difficult time. ​​​​​​​​​​​​
Having the right type of life insurance is key
Understanding your options is the first step towards making informed decisions about life insurance and how to utilize its many benefits.
Types of Life Insurance
Universal life insurance
This is a flexible permanent policy that provides lifelong coverage and includes a cash value component that grows tax-deferred. You can adjust your premium payments and death benefit within certain limits. A portion of your premium goes toward the insurance cost, while the rest builds cash value based on either a fixed interest rate (traditional UL) or market-linked performance (Indexed UL). Policyholders can access their cash value through loans or withdrawals, making it a powerful tool for both protection and long-term financial planning.
Term life insurance
Term life insurance offers pure protection for a specific period—typically 10, 20, or 30 years. It’s designed to provide a death benefit only, with no cash value accumulation. If the insured passes away during the term, the beneficiaries receive the payout tax-free. Because it’s temporary and straightforward, term life is the most affordable type of coverage, making it ideal for income replacement, mortgage protection, or family security during key working years.
Whole life insurance
Whole life insurance is a permanent policy that guarantees coverage for your entire life as long as premiums are paid. It features fixed premiums, a guaranteed death benefit, and a cash value component that grows at a steady, guaranteed rate. Over time, this cash value can be accessed via loans or withdrawals, often used for retirement income or emergencies. Whole life policies also often pay dividends, adding to the policy’s long-term value and stability.
Who is life insurance for?
Life insurance is for anyone who wants to protect the people who depend on them—spouses, children, business partners, or loved ones—from financial hardship if they were to pass away.
What does it cover?
It provides a tax-free death benefit that can cover funeral expenses, pay off debts, replace lost income, fund college costs, or help keep a business running.
Why should I consider it?
Because life is unpredictable. Life insurance offers peace of mind, knowing that no matter what happens, your family’s financial security and future are protected.