Life Insurance
An unexpected death can happen at any time. And while your loved ones would grieve for you, they might also worry about their finances. With life insurance, you can reduce the financial burden that a sudden death often brings. There are a few different types of life insurance products, including:
- Term Life Insurance: Term life insurance guarantees financial protection for your family over a specific term.
- Whole Life Insurance: Whole life insurance provides insurance for your entire life, as long as you pay the premiums on time. The cash value increases over time, providing you with cash accumulation you can use in retirement or increasing the benefit amount your beneficiaries receive.
- Universal Life Insurance: Universal life insurance includes a death benefit and a cash value component that increases based on the index you choose, helping to increase the value of the policy over time.
- Annuities: Annuities provide guaranteed monthly income payments for the life of the contract between you and an insurance company.
What Life Insurance Covers
Life insurance provides your beneficiaries with funds to pay for the following in the event you unexpectedly pass away.
- Funeral and burial expenses
- Your lost wages
- Everyday bills and expenses
- Child and dependant care
- Debts
- College tuition
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