When it comes to life insurance, there’s no such thing as “one size fits all.” Everyone has different needs, goals and financial considerations. That’s why it’s so beneficial to have a broker help you find the right type of policy and coverage.
What is term life insurance?Term life insurance guarantees payment of a stated death benefit during a specified term. Once that term expires, you can renew, convert to permanent coverage, or allow the policy to terminate. Customers buy term life insurance to cover lost income and other living expenses, including:
- Mortgage payments
- College tuition
- Funeral and burial costs
- Debt with specific end dates like an auto or business loans
What is whole life insurance?
This is a type of permanent life insurance providing lifelong coverage with a guaranteed rate of return. One benefit of whole life is that your premiums stay the same. Whole life insurance also offers a savings component, enabling your policy to build cash value that lasts until you die.