Individual Life Insurance
Term Life Insurance
The simplest and least expensive form of life insurance coverage is term life insurance. It provides death benefit coverage at a guaranteed premium for a specific period of time - usually 10 to 30 years depending upon which product you choose.
Since premiums are low as compared to other types of life insurance, term life insurance is ideal for new families seeking economical protection.
Whole Life Insurance
Whole life insurance pays a fixed death benefit for a fixed premium amount. Generally, whole life insurance continues to cover the insured throughout his or her life. In addition, whole life insurance has a cash value feature that is guaranteed. These cash values are accessible to the policyholder through policy loans for emergencies or other financial needs. Some whole life insurance policies may generate cash values greater than the guaranteed amount, depending on interest crediting rates and how the market performs.
The simplest and least expensive form of life insurance coverage is term life insurance. It provides death benefit coverage at a guaranteed premium for a specific period of time - usually 10 to 30 years depending upon which product you choose.
Since premiums are low as compared to other types of life insurance, term life insurance is ideal for new families seeking economical protection.
Whole Life Insurance
Whole life insurance pays a fixed death benefit for a fixed premium amount. Generally, whole life insurance continues to cover the insured throughout his or her life. In addition, whole life insurance has a cash value feature that is guaranteed. These cash values are accessible to the policyholder through policy loans for emergencies or other financial needs. Some whole life insurance policies may generate cash values greater than the guaranteed amount, depending on interest crediting rates and how the market performs.