Whole, Term, & Universal Life Insurance Options

There are several different types of life insurance products available – the most common include:

Term Life Insurance
Term life insurance provides protection for a specified period of time and pays a death benefit only if you die during that specified term of the policy- ranging from one to 30 years. That’s why it’s commonly referred to as “temporary” life insurance. If you do not currently have life insurance, term can be a good place to start. Furthermore, term life insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change. 

Whole Life Insurance
Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Over time, it may be the least expensive form of life insurance since premiums are fixed and the policy accumulates cash value on a tax-deferred basis. 

Universal Life Insurance
Universal life is a form of permanent life insurance characterized by its flexible premiums, death benefit amounts, and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.

So what type of life insurance is best for you? A Towne Benefits Consultant can help you to choose the best options to provide peace-of-mind for you and your family.