Life insurance overview

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What is life insurance?

Life insurance can protect the financial security of the people you love by giving them a tax-free payment after you die. The amount and type of coverage you choose will depend on your circumstances and needs. The cost of life insurance you buy as an individual depends on your age, gender, health, medical history and lifestyle.

 

Get life insurance

Life insurance can be a key part of your financial plan. Speak with an advisor to determine the right life insurance for your needs or get a quote online.labore

Do you need life insurance?

Will your loved ones be financially impacted if something happened to you?

If you answer yes, then you should think about how you can help protect them with life insurance.

While you may have basic life insurance through work, it may not be enough to meet your needs, and your coverage typically ends when you leave your job.

Types of life insurance:

* Term life insurance is simple and affordable , providing a fixed amount of insurance for a specific period of time
* In the event of your death, the policy pays a tax-free benefit, to your beneficiaries
* Term life provides temporary protection you can customize to meet your changing needs

*Permanent life insurance is often called whole life insurance because it covers you for your whole life – and some types can build cash value over time.
*Permanent insurance costs are usually guaranteed not to increase from the time you first buy the policy.
*Some permanent insurance plans let you pay for a limited time and and then you don't have to pay any more.

*Participating life insurance is a type of permanent whole life insurance coverage that can be eligible to receive dividends.
*The amount of coverage you choose and your premiums are guaranteed for life.
*You can use the dividends to buy more coverage, reduce your annual premium cost or earn interest inside the plan. Or you can take them in cash. Dividends are not guaranteed.

*Universal life insurance is a flexible type of permanent life insurance that combines protection and savings.
*You choose a guaranteed death benefit that your beneficiaries will receive.
*The payments you make above the cost of insurance earn tax-preferred interest.