Life insurance is an important part of financial planning. It helps plan for those life-changing moments. Without your contributions, would your family be able to continue their way of life?
Protect Life’s Moments for your loved ones today with life insurance.
How does life insurance work?
In its most basic form, when you purchase a life insurance policy, you are entering into an agreement to pay premiums in exchange for coverage in the form of a death benefit to your designated beneficiaries. You can customize your policy through policy features and additional benefits based on your financial needs and goals.
Do I need life insurance?
If there is anyone who depends on you financially or would take on a cost if you were to die, then you need life insurance. Many of us think of spouses or children when it comes to beneficiaries, but even single people with no children have final expenses that would need to be addressed.
Term life or whole life insurance?
There are two main types of life insurance: Term life and whole life. It is common to question which type of insurance is right for you. In the end, the question that should be answered is: Which one best meets your needs?
Why consider term life?
- The lowest initial premium to obtain the highest death benefit
- Ideal for those who need coverage for a specific period of time
- Option to convert to whole life insurance later without evidence of insurability
- Income tax free death benefit1
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Why consider whole life?
- Lifetime2 coverage as long as premiums are paid
- Tax-deferred growth of policy cash values
- Liquidity through policy loans, which can help supplement retirement income, college costs and more3
- A stable financial asset on your balance sheet that will never lose value year to year
- Income tax-free death benefit1
1Life insurance benefits are generally included in one's estate. Beneficiaries generally receive death benefits free of income taxes, but a tax advisor should be consulted if your estate is sufficiently large to be subject to estate taxes.
2Whole life policies have a maturity date at which cash value is distributed.
3Sufficient loan value generally not available in early policy years. Outstanding loans reduce the death benefit.
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