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Life Insurance

Life Insurance

Life insurance can be purchased in many forms:  term, whole life, universal life, or even hybrid policies.  Here’s a quick rundown of each of them.

Term life insurance offers you a certain limit of coverage, determined by you, that pays your beneficiary in the event of your death.  You pay premiums year after year for the policy.  Typically term policies guarantee rates for a specified period, say 10 or 15 years.  Once that period is over, you can re-apply, but most likely, your premium will increase and you will have to pass medical exams to be approved.

Whole life insurance offers you the same limit of coverage as term life, with an added benefit.  The premium you pay year after year also earns interest, and eventually, you build a bank of funds that can be an investment or can pay future premiums.  Typically, whole life is more expensive than term life, for obvious reasons.

Universal life insurance, sometimes called adjustable life insurance, offers you more flexibility vs. whole life.   Once you’ve paid enough into the policy, you can opt to reduce your premiums (or increase them) based upon your investment goals.  Like whole life, it has an investment component.  It is typically less expensive than whole life, but more expensive than term.

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