Term Life Insurance

What is it?

• Term life insurance provides protection for a set number of years—commonly 10, 20, or 30. If you pass away during the covered period, your beneficiaries receive the death benefit. Once the term ends, the policy typically expires unless renewed.

Who should consider it?

• Families looking for affordable coverage while raising children or paying down a mortgage.
• People who need temporary financial protection for debts or dependents.
• Anyone wanting high coverage amounts at a lower cost.

Whole Life Insurance

What is it?

• Whole life insurance offers lifelong coverage and includes a cash-value savings component that accumulates over time. Premiums remain steady, and the policy guarantees a payout for your beneficiaries.

Who should consider it?

• Individuals wanting permanent coverage for final expenses, estate planning, or inheritance purposes.
• Those who want life insurance that also builds cash value like a long-term savings tool.
• People seeking long-term financial stability with guaranteed protection.

Universal Life Insurance

What is it?

• Universal life insurance provides lifetime coverage but with added flexibility. It includes a cash-value element that may grow based on interest rates or market performance, and you can adjust premiums or death benefits as your needs change.

Who should consider it?

• Individuals whose financial needs change over time and want adaptable coverage.
• People wanting lifelong insurance with the potential for cash-value growth.
• Those comfortable with a policy that has more moving parts than traditional life insurance.

Annuities

What are they?

• An annuity is a financial product you fund with either a lump sum or periodic payments. In return, it provides reliable income during retirement. Options include immediate annuities that start paying right away or deferred annuities that begin later.

Who might benefit from them?

• Retirees wanting guaranteed income to supplement Social Security or savings.
• Individuals concerned about outliving their assets.
• People looking for stable, predictable financial support in retirement.

Final Expense Insurance

What are they?

• Final expense insurance is a small, budget-friendly life insurance policy meant to cover end-of-life costs such as funeral expenses, medical bills, or small outstanding debts. Coverage is usually easy to qualify for and provides quick support to loved ones.

How can people plan for them?

• Purchasing a final expense policy can help relieve the financial burden on family members.
• Setting aside dedicated savings for funeral and related costs.
• Creating a will and making advance arrangements to reduce stress and confusion during a difficult time.