Permanent/Term Life insurance

Permanent Life Insurance

Permanent life insurance provides coverage for your entire life, without any expiration date. There are three main types of permanent life insurance policies: whole life insurance, universal life insurance, and participating life insurance. All of these policies offer a death benefit, which is a payment that your beneficiaries will receive after you pass away. This payment can help your loved ones deal with the financial impact of your death and maintain their standard of living. The amount and type of coverage you choose will according to your circumstances and needs. If you are concerned about the financial well-being of your loved ones after you’re gone, it’s important to consider purchasing life insurance.

Term Life Insurance

Term life insurance is a type of coverage that offers temporary protection for a set period of time. If you pass away during the term you select, your chosen beneficiaries or charities will receive a tax-free payout. This money can be used to cover expenses such as bills, mortgage payments, or your children’s education. The premiums you pay for term life insurance are fixed for the duration of the term you choose, meaning they won’t increase or decrease during that time.

Term life insurance is a straightforward and cost-effective way to ensure your loved ones are financially protected in the event of your passing. With term life insurance, you choose the coverage amount and length of time you want to be insured for. If you pass away during the term, your beneficiaries receive a tax-free payout. Term life insurance is customizable to fit your changing needs and is available for terms ranging from 10 to 40 years, depending on your age. The best part? Your premiums remain the same throughout the term, and many policies allow you to convert to permanent insurance regardless of any changes to your health, occupation, or lifestyle.