Whole Life Insurance
Whole life insurance is a type of permanent life insurance that provides protection for your entire life. It offers consistency and guaranteed growth of cash value. The premium payments for the policy remain the same throughout the policy's life. The rates for the policy depend on your age, medical history, and coverage goals.
Term Life Insurance
Term life insurance is a type of life insurance that offers a simple and straightforward coverage. It involves paying a premium for a certain period, typically 10, 20, or 30 years. If the policyholder passes away within the policy term, a cash benefit is paid to their named beneficiary.
Compared to permanent whole life insurance policies, term life insurance policies are generally less expensive. However, term policies do not offer any cash value, no payout after the term ends, and no other benefits aside from the death benefit. In most cases, term policies offer level premium rates, which means that the monthly premium remains the same throughout the policy term.
Final Expense Life Insurance
Final Expense Whole Life Insurance is a type of whole life insurance policy that is specifically designed to help loved ones prepare for the costs associated with the final stage of life. It is surprising how quickly final expenses can add up to thousands of dollars. Having a final expense insurance plan can help ease the financial burden and allow your loved ones to focus on healing instead of worrying about the expenses. This type of insurance can help with funeral and burial expenses, out-of-pocket medical bills, as well as legal or accounting costs.
Mortgage Protection Insurance
Mortgage protection insurance is a type of insurance policy that helps your family make your monthly mortgage payments if you – the policyholder and mortgage borrower – die before your mortgage is fully paid off. Some mortgage protection insurance policies will also offer coverage for a limited time if you lose your job or become disabled after an accident.