Types of Life Insurance

A whole life insurance policy is a type of permanent life insurance that provides coverage for your entire lifetime. It offers a death benefit to your beneficiaries upon your passing, regardless of when that may occur. In addition to the death benefit, a whole life policy also accumulates a cash value component over time, which grows on a tax-deferred basis. This cash value can be accessed during your lifetime through withdrawals or policy loans, providing you with a potential source of supplemental income or a financial safety net.

A term life insurance policy is a type of life insurance that provides coverage for a specific period, or term, typically ranging from 10 to 30 years. It offers a death benefit to your beneficiaries if you pass away during the term of the policy. Unlike whole life insurance, term life insurance does not accumulate cash value over time. It is designed to provide affordable coverage for a specific period when financial obligations, such as mortgage payments or education expenses, are typically higher, offering peace of mind during those critical years.

A universal index life policy is a type of permanent life insurance that combines the features of both universal life insurance and indexed universal life insurance. It offers a death benefit to your beneficiaries upon your passing. Additionally, it provides a cash value component that grows based on the performance of an underlying index, such as the S&P 500. This allows policyholders to potentially benefit from market gains while also having downside protection. Universal index life policies often offer flexibility in premium payments and the ability to adjust the death benefit and cash value accumulation.