Life Insurance

Life insurance is a legally binding contract between a life insurance company and policy owner.  A life insurance contract guarantees the life insurance company pays a sum of money to the named beneficiary(s) when the insured dies in exchange for premiums paid.

There are many types of life insurance available to meet your needs.

Term insurance is designed to last a certain number of years, and then end. you can chose the term when you take out the policy, and most are renewable and convertible at anytime during the life of the policy. Common terms are 10 years, 20 years and 30 years. Term insurance generally the lower cost option since the insurance company may or may not have to pay out the policy.

Permanent insurance stay in force for the life of the insured (as long as premiums are up to date). It is generally more expensive than term since the insurance company will pay out on the policy. There are many different types of permanent insurance including Whole Life, Universal Life, Indexed, and Variable.