The most comprehensive form of permanent life insurance is called whole life. It’s a great way to build lasting assets that can finance significant life events, such as a child’s education, retirement, and leaving a legacy. Costs will never change, as they are contractually guaranteed by the insurance company, and there may be tax advantages, too. Explore this helpful and versatile asset.
Universal life is a type of permanent insurance that offers high flexibility. The product allows you to accumulate cash value tax-deferred, with an interest rate typically tied to a general account as reflected in the policy. In addition, you have the freedom to vary the amounts and timing of payments. Explore this flexible form of permanent life insurance.
Term life insurance is the simplest form of insurance. Purchase this type of coverage for a set term, such as 10, 15, 20, or 30 years. While it doesn’t provide for protection beyond the set length of time you’ve chosen, it can be the most affordable way to protect your loved ones. Even if you’re on a tight budget, it represents a great starting point.