Life insurance

There are many different types of life insurances, all which can be tailored to suit individual needs.

Term life insurance

Term life insurance covers you for a certain amount of time, typically five to thirty years. As long as you die within the term, your beneficiary will receive the death benefit.

This is typically the most affordable life insurance. When purchasing, you pay for the cost of the insurance associated with the death benefit. No cash value is built.

Permanent life insurance

Permanent life insurance offers life-long insurance. So long as the premiums are paid, the death benefit will be rewarded.

This is priced and intended to be used over a long period of time.

Whole life

This is a type of permanent life insurance.

Whole life insurance policies can also accrue cash value over time. Once your policy has built up enough cash value, you can typically withdraw it or borrow against it like a loan.

Whole life insurance policies feature fixed premiums for the life of the policy.

Universal Life

Universal life allows you, after your initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums.

Variable life

Variable life provides death benefits and cash values that vary with the performance of a portfolio of investments.

Joint survivorship life

This ensures the lives of two individuals, typically spouses. The death benefit is not paid until the second individual has passed.