Life Insurance

There are many kinds of life insurance.  Generally, life insurance fall into two categories: term insurance and permanent insurance.

Term insurance is designed to meet temporary needs, providing protection for a specific period and pays a benefit only if you die during the term. Term insurance makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college a or when a specific debt is paid off, such as your mortgage.

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full-face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

Which type of life insurance is better depends on the coverage that's right for your unique circumstances and financial goals.

Remember the cost of life insurance goes up every year you age.   Planning now could save you considerable funds in the future.