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Term Life Coverage:

This type of insurance provides coverage at a fixed rate of payments for a limited period of time or the relevant term. If the life of the insured dies during the term, the death benefit with be paid to the beneficiary. This type of coverage lasts for only a specified period of time (the “term”) and has a defined ending date.

Whole Life Coverage:

A life insurance policy which is to remain in force for the lifetime of the insured, provided the required premiums are paid, or to the maturity date. This type of coverage usually keeps the same premium rate throughout the life of the policy. It represents a contract between the insured and the insurer, that when the insured dies the beneficiary will be paid by the insurer as long as the contract terms are met.

Variable Life Coverage:

A permanent life insurance coverage that in comprised of separate accounts of various instrument and investment funds, such as equity funds, stocks, bonds, money market funds and bond funds. Variable life insurance is similar to whole life insurance (a simpler form of permanent life insurance) in that it pays a tax-free lump sum to your beneficiaries upon the event of death, and in that it contains a long-term savings component called the “cash value” of the policy.

This list is not a complete inventory of our insurance coverage options. We have a wide variety of coverage opportunities to offer you and will be happy to find the right insurance for your specific needs. Please contact us for further insurance guidance.

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