Life Insurance

In a nutshell, Life insurance comes in two forms: Term insurance and Permanent insurance. Term insurance provides coverage for a set period of time and is usually less expensive. It provides the greatest amount of coverage for the lowest initial cost. It’s a good choice for your temporary needs or if your funds are limited.

Permanent insurance, which includes Whole Life and Universal Life, is useful when you want to cover a long-term need such as income for a spouse, “inheritance” for children or end of life expenses. Permanent insurance initially costs more, but can accumulate cash value. It’s difficult to say exactly which kind of Life insurance is better, because the type of coverage that’s right for you all depends on your individual circumstances and financial goals. Often, a combination of Term and Permanent insurance is the right solution.