There are four primary life insurance types, each having a place in any sound financial plan. The four variations of life insurance are:

Term Life Insurance – Fixed premiums for a fixed period, such as 10 or 20 years.

Whole Life Insurance – Permanent insurance, as long as premiums are paid, with fixed premiums and cash value benefits.

Universal Life Insurance – Permanent insurance with options to change premiums and death benefits.

Variable Life Insurance – Similar to Universal Life but with the flexibility to choose investment risks to maximize cash value benefits.

Life insurance is essential as it protects your family and allows you to leave them a non-taxable amount at the time of death. It can also be used to cover your mortgage and loans, such as a car loan. Additionally, life insurance remains with you when you retire, even when your employer no longer provides coverage. It also helps replace your family's income, ensuring they can maintain their quality of life even in your absence.

Once you understand the importance of purchasing life insurance, making the right decision becomes crucial. To do so, assess your needs, choose a policy that suits your family’s financial situation, and select insurance rates that fit your budget. Get in touch with us to learn more.