Life Insurance

Term Life Insurance covers the financial risk of death for a given number of years (term) at a level premium cost, and pays a specified death benefit. Term periods available are typically 5, 10, 15, 20, and even 30 and 40 year lengths.

Term life insurance builds no cash value — it is insurance only. It guards against total disruption of a family’s finances upon the death of a head of household or spouse by replacing the value of a person’s future income stream and/or paying funeral and estate costs.

Universal Life Insurance is a variation of the Whole Life Insurance policy. The insurance part of the policy is separated from the cash value portion of the policy. The cash value portion is invested by the insurance company in bonds, mortgages and money market funds. This cash value grows and is tax-deferred.

The cost of the death benefit is paid for out of the investment fund. A guaranteed minimum interest rate applied to the policy means that, no matter how badly the investments perform, the insurance company guarantees a certain minimum return on the cash portion.

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