Life Insurance Policies are very unique and specific to your needs, so it is important to understand the differences between each:

Term Life Insurance:

A Term Life Insurance Policy is a low-cost option for providing maximum coverage for a specific period of time such as 10, 20, or 30 years. Other policy life periods are also available.

Term Life Insurance is generally more affordable and the premiums (payments) will not increase during the policy period (term). At the end of the term period, the insurance coverage terminates.

Whole Life Insurance:

Whole Life Insurance provides permanent protection from the date of the policy issue to the date of the insured’s death or maturity at age 100. The policy remains active as long as the premiums are paid. Also, premiums are set on the date of policy issue and stays the same for the life of the policy.

Unlike Term Insurance, Whole Life Insurance combines insurance protection with an accumulated cash value savings account which builds up over time. This cash value account is beneficial for many reasons such as helping you pay for your child’s education, paying off your mortgage, or even surrendering the cash value amount if you ever decide to cancel your policy.

Universal Life Insurance:

Universal Life Insurance, also known as Adjustable Life Insurance, is a permanent policy which offers great flexibility. Policy-Holders can increase or reduce their death benefits while also being able to determine the frequency of premium payments (paying your premiums in any amount at any time).