Life Insurance

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Life insurance is designed to provide financial protection for your loved ones in the event of your passing. While it’s often used to cover final expenses and provide income support for dependents, some policies also offer the flexibility to help manage unexpected end-of-life costs. Since life insurance comes in various forms, it’s important to understand the different policy types to choose the right one for your needs.

Life insurance is offered through licensed insurance agencies, each with its own enrollment process. Before choosing a policy, it's important to research the different types of life insurance to find what best fits your needs. Many policies require underwriting, which may include a health questionnaire or medical exam. If you're starting the process, be prepared to complete this step as part of your application.

There are several types of life insurance, but the three most common are term life, whole life, and universal life.

• Term Life Insurance provides coverage for a set period, typically 10 to 30 years. If the policyholder passes away during that term, the beneficiary receives the death benefit. If the term ends and the policyholder is still living, the coverage expires with no payout.
   
• Whole Life Insurance is a type of permanent coverage that never expires. In addition to a guaranteed death benefit, it includes a cash value component that grows at a fixed interest rate over time. This cash value can be accessed through withdrawals or loans.
   
• Universal Life Insurance also offers lifelong coverage with a cash value component. What makes it unique is its flexibility—you can adjust both your premium payments and death benefit. Over time, the cash value can even be used to help cover premiums.
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If you’ve got dependents or are looking to make provisions for your family, life insurance is an excellent way to do that. Most policies are very affordable and will have a low monthly premium.

Term life insurance provides coverage for a specific period—commonly 10, 20, or 30 years—based on the policyholder’s preference. Like other life insurance policies, it includes a death benefit, but only pays out if the policyholder passes away during the covered term.

When the term ends, you typically have three options: let the policy expire, renew it for a new term, or convert it into a permanent life insurance policy, depending on the terms of your contract.

Permanent life insurance is designed to last for your entire lifetime, as long as premiums are paid. It guarantees a death benefit for your beneficiaries, regardless of when you pass away. In addition to lifelong coverage, most permanent policies include a cash value component, which grows over time and can typically be borrowed against or used for other financial needs.

There are different types of permanent life insurance, with the most common being whole life and universal life—each offering unique features in how premiums, cash value, and flexibility are managed. 

There are a few key differences between term life and permanent life insurance. Term life policies come with an expiration date—typically 10, 20, or 30 years—while permanent policies last your entire lifetime, as long as premiums are paid. Term life is usually more affordable, whereas permanent life insurance tends to cost more but offers additional benefits like cash value accumulation.

Both types provide a death benefit, which can help cover funeral costs, medical bills, or other financial needs after the policyholder passes. While permanent policies often offer higher death benefits and added features, term life can be a practical solution for short-term coverage needs.

To learn more and find the policy that’s right for you, contact us today. 

We're here to help you make confident, informed decisions about your life insurance options.

Life insurance acts as a financial safety net, helping protect your loved ones when you're no longer there to provide for them. With funeral costs averaging $8,000 to $10,000, these expenses can quickly become a burden if no plans are in place.

A final expense policy helps cover these costs, ensuring your family doesn’t face added financial stress during an already difficult time.