Individual Products
Life Insurance
Types of life insurance coverage include:
- Term Life Insurance
- Whole Life Insurance
- Universal Life Insurance
Term Life Insurance
Term life insurance is the simpliest form of life insurance. It provides coverage for a limited period of time which would be the "term". After the term expires, the insured can choose to end the policy or agree to pay an increased premium to continue the coverage.
Term insurance is usually the least expensive way to purchase life insurance coverage initially but the cost increases as the insured ages. It is considered a pure insurance protection plan because it does not build a cash value. This is different than permanent life insurance, for example whole life or universal life.
Whole Life Insurance
Whole life insurance is for people who want flexible options available within their insurance. This type of policy will continue until an insured's death and although the initial cost will be higher than term insurance, cash values may accumulate over time, which may be used to offset future premium payments.
Universal Life Insurance
Universal life insurance is similar to Whole Life Insurance with the exception that the insured selects how cash value that may be built up by the policy is to be invested.
Contact Bill directly with any questions or requests.