Life Insurance

Term life is a defined period, typically between 10 and 30 years. During that term, you pay a monthly premium, and if your pass away during the term, the insurance company pays a specific amount of money – a death benefit.

Whole life is policy that builds cash value over time. As long as the premiums are current, the policy remains active for the entire life of the policyholder, and beneficiaries will receive a set death benefit upon the insured's death.

Universal life insurance is different from other types of permanent life insurance, allowing you to use the cash value to pay your premiums. But similar to other permanent policies, it lasts your entire life and pays out a tax-free death benefit to your beneficiaries when you die.

Variable universal life is a type of permanent insurance policy that allows for the investing in cash value. Your policy is in effect as long your premiums are being paid on time. Your premiums are calculated based on the death benefit and cash value component.