Individual Products - Life - Life Insurance Facts
Life insurance is an important product that is sometimes overlooked. In many cases it is critical for a persons survivors' well being. With life insurance being more affordable than ever, especially term coverage, now is a perfect time to buy.
Use our life insurance calculator to find out where you stand. Let us help you decide what is best for you.
Term Life Coverage
- Life insurance for a specified period of time, i.e. 5, 10, 15, 20 or 30 years.
- Term coverage is very affordable because the coverage is only in effect for a certain time period.
- No cash value: you pay only for the cost of insurance.
- Only 2% of all policies pay death benefit (98% of people don't die during term)
Permanent coverage (Universal life/ Whole life)
- Coverage is generally for the long-term (the benefit will be paid).
- Policies usually accumulate cash value in the early years of the policy in order to "carry" the policy in later years.
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