Life Insurance

Life Insurance

The main purpose of life insurance is to provide loved ones with financial stability after a the policy holder passes away.

Life insurance can be utilized in many different ways that help in individual/family financial planning as well as business financial planning.

Term_Life insurance
Term life insurance guaranties premiums not to change for a certain term such as 10, 20 or 30 years. It is the most affordable and basic type of life insurance. It pays a lump-sum benefit to the designated beneficiary when an insured passes away.

Permanent_Life insurance
Permanent life insurance allows for a cash accumulation feature in addition to the lump-sum benefit that is paid out to beneficiaries. There are 2 main types of policies: Whole Life, which is the most traditional, and Universal Life, which allows for premium flexibility.