Personal Life Insurance

Term Life

Term life is the simplest and least expensive type of policy. It’s pure insurance with no cash value account. A term life policy has only one function: to pay a specific lump sum to whoever you’ve designated, upon a specific event – – your death. Life insurance provides protection for a fixed number of years. The policy protects your family by providing money they can invest to replace your salary, as well as to cover final expenses incurred by your death.

Whole Life

Whole life insurance provides permanent protection by providing a death benefit to the beneficiary you name while building a cash value account. With this type of insurance, the insurance company manages the policies various accounts. It offers you a low risk cash value account and tax-deferred cash accumulation. It provides continuing coverage and fixed premium for the individual’s lifetime (as long as the premium is paid). It accumulates values that the owner can withdraw or use to increase the death benefit.

It allows the insurance company to exclusively manage the cash value account in your policy.

It provides you the option to receive dividends from your policy or apply them to reduce payments.

Universal Life

This type of insurance is intended to provide permanent insurance coverage but has more flexibility in the premium payment. The internal rate of return is higher or lower depending on the financial market.