Life Insurance Options
When it comes to life insurance, there are several options available to meet your needs and financial goals. Understanding the differences between term life insurance, universal life insurance, and whole life insurance can help you make an informed decision.
Term Life Insurance
Term life insurance provides coverage for a specific period, typically 10, 20, or 30 years. It offers a death benefit to your beneficiaries if you pass away during the term of the policy. Term life insurance is often the most affordable option and can provide temporary coverage for financial obligations such as mortgages, debts, or education expenses.
Universal Life Insurance
Universal life insurance offers more flexibility than term life insurance. It provides a death benefit along with a cash value component that earns interest over time. You can adjust the premium payments and death benefit to suit your changing needs. Universal life insurance can be used for income replacement, estate planning, or building a cash reserve for future expenses.
Whole Life Insurance
Whole life insurance provides lifelong coverage with a guaranteed death benefit and a guaranteed cash value component. Premiums remain fixed throughout the life of the policy, making it a predictable option for long-term financial planning. Whole life insurance offers tax-deferred growth of cash value and can be used for wealth transfer, legacy planning, or supplemental retirement income.
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