Life Insurance

Add protection for the future with life insurance

Permanent life insurance

Permanent life or Whole life plans have level premiums. The policy can remain in-force for an entire lifetime because the premium is guaranteed to never increase. Whole life policies also feature a tax-sheltered cash accumulation account.

Term life insurance

Term life is sometimes called temporary life insurance and is meant to cover a term of your life. Premiums remain level for the duration of the term, usually 10, 20, or 30 years. However, after the initial term, the premium will increase every year and may become un-affordable.

Universal life insurance

Universal life combines term insurance with a tax-deferred savings account that earns interest. The cash value account can be used to pay premiums, serve as collateral for a loan, or increase the death benefit to build inflation protection into your insurance.

Single premium life

Single premium life is a type of life insurance in which a lump sum single premium is paid into the policy in return for a paid-up permanent death benefit. With this type of policy, there are no further premiums to be paid. The amount of death benefit is determined by your age and the amount of your single premium. For example, a 60 year old woman may make a single premium payment of $25,000 and receive a paid-up policy with a death benefit of $60,000.”

Living benefits from life insurance

Unexpected expenses can arise during retirement, especially if long-term care is involved. Some life insurance policies provide for tax-free withdrawals from the death benefit to pay for long-term care. This feature allows you to access a pool of money to pay for long-term care without having to sell-off your investments or deplete other savings. If you don’t use your death benefit for long-term care, the policy will pay the full benefit to your beneficiary