Life Insurance

There are a variety of benefits for owning a life insurance policy. One can help you pass money to your heirs tax free. Also Life Insurance can help your family pay for the ever rising funeral costs. For some it can even help with taxes when passing a large sum of money to your heirs. Not having life insurance is a big mistake. Purchasing Life insurance when you are young can be very inexpensive and be a tremendous help later in life.

There are five types of life insurance: Whole Life, Variable Life, Universal Life, Universal Variable Life, & Term Life.

Whole Life Insurance provides permanent protection for your dependents while building a cash value account. With this type of insurance, the insurance company manages the policies various accounts.

Variable Life Insurance provides permanent protection for you and is the type of life insurance with account flexibility for the more risk-oriented policy holder.

Universal life insurance provides permanent protection for your dependents and is more flexible than whole or variable life.It allows you premium flexibility.

Universal Variable life is the type of insurance which gives you more control of cash value account policy features than any other insurance type.

Term life insurance provides coverage for a limited period of time, the relevant term. After that period, the insured can either drop the policy or pay annually increasing premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary.