Life Insurance – Whole, Term & Universal

Life insurance could be the most necessary and beneficial protection out there. There’s not much that’s guaranteed in life but dying certain is one of those guarantees. With death the question isn’t if but when. There are many forms of life insurance and one is not necessarily better than the other however each serves a purpose. Below you will find a simple chart of highlights with some important nuggets of knowledge along the way. There are three major types of life coverage and within each of them are endless ways to modify it. Life insurance needs is something that should be reviewed with a licensed agent and should be reviewed periodically as life changes such as new family additions, a change in income, assets or needs.

Type Whole Term Universal
Duration Permanent Temporary Permanent*
Premiums Highest Lowest Middle
Purpose Final Expense
Burial Expenses
Passing Money to Beneficiaries
Mortgage, Debt, Income or Loan protection All of the Above
Underwriting Easy-Moderate Moderate-Difficult Moderate-Difficult
Cash Value Yes No Yes
Tax-Free Benefit Yes Yes Yes
Avoids Probate Yes Yes Yes

For more information on Life Insurance, please contact us.

*As long as it is properly funded.

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