Life Insurance

Most people see life insurance as a way to provide financial support for loved ones in exchange for regular premium payments. While that’s true, life insurance can offer so much more.

Certain types of policies can also support you during your lifetime—helping cover expenses, supplement income, and contribute to long-term financial planning. With the right strategy, life insurance becomes a powerful tool to help you live confidently today while securing tomorrow.

Depending on the policy, life insurance benefits may include:

• A federal income tax-free death benefit

• The potential for tax-advantaged income replacement

Term Life Insurance:

• Duration: Provides coverage for a specified term (e.g., 10, 20, or 30 years).

• Premiums: Typically lower premiums than whole life insurance.

• Payout: Only pays out if the policyholder passes away within the term. If the term expires and the policyholder is still alive, no payout is made.

• Flexibility: No cash value accumulation; the focus is purely on providing death benefits.

Best for: Individuals seeking affordable coverage for a specific period, such as until a mortgage is paid off or children are financially independent.

Whole Life Insurance:

• Duration: Provides lifelong coverage as long as premiums are paid.

• Premiums: Higher premiums than term life, due to the lifelong coverage and cash value accumulation.

• Payout: Pays out a death benefit whenever the policyholder passes, as long as premiums are maintained.

• Cash Value: Part of the premium accumulates as a cash value that grows over time and can be borrowed against or withdrawn.

Best for: Individuals looking for long-term financial protection and a policy that builds value over time.

What are the benefits of life insurance?

Life insurance does so much more than protect your loved ones if you pass away. With permanent life insurance, you can grow the policy’s cash value and use that money to help meet various financial needs throughout your life.

• Protect your loved ones

• Help pay off debt

• Help protect your business

• Help pay for college tuition

• Help you save for retirement

• Help you cover end-of-life expenses

• Aid in estate planning

• Help with charitable planning