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Life Insurance

Family is precious. They depend on you to provide a safe living and a comfortable future. But what happens if you’re not around to provide for them? Life insurance keeps your family protected in case the worst happens.

Do I need Life Insurance?

Life insurance depends on several factors in one’s personal and financial life. If you have a family, aging parents, or a sizeable estate and retirement savings, life insurance should be considered.

What Types of Life Insurance are there?

Life insurance is not a one size fits all, as there are many different options to choose from. The three most common are:

Term Life Insurance: Term life insurance is a flexible, cost effective option for people who are looking to get life insurance for the first time. You set a specified period of time, ranging from renewable one year terms to 20 year period terms, and you receive life insurance coverage. The plan is flexible as it can sometimes be upgraded to a permanent coverage option.

Whole Life Insurance: Whole Life Insurance is one type of permanent life insurance. This insurance covers the person’s lifetime and can build in cash value. Paid premiums are paid based on the individual policy.

Universal Life Insurance: Another form of permanent life insurance, Universal Life Insurance differs from Whole Life Insurance in a few ways. Universal Life Insurance offers flexible payment of premiums, and face amount due to unbundled pricing structure. In addition, it also builds cash value and earns an interest rate, guaranteed not to fall below a specified percentage.