Personal Life Insurance
When considering life insurance, there’s no such thing as “one size fits all.” Everyone has unique needs, goals, and financial situations. Which is why we tailor coverages with a range of features to fit your unique situation:
Term Life
Term life is a type of life insurance policy where premiums remain level for a specified period of time —generally for 10, 20 or 30 years. After the end of the level premium period, premiums typically increase. Coverage continues as long as the premiums are paid. This is a great option to consider when you’re on a more limited budget and will have significant expenses over a shorter period of time.
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You can often pay a lower premium when you select a shorter term, example: 10 years instead of 20. But since premiums are based on risk of death, once you have reached the level premium period, a term life policy generally gets more expensive as you grow older.
Whole Life
Whole life is permanent insurance, you're covered for your entire lifetime, or until the policy matures, as long as you continue to pay your premiums per the terms of the contract. Premiums will stay flat as long as the policy remains in force. Over time, permanent insurance typically accumulates a cash value that can be accessed for a variety of purposes while you’re still alive.
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This is particularly attractive as a retirement vehicle, as you can leverage the accumulated cash value later on in life.
Universal Life
Similar to whole life, universal life is permanent insurance that might also accumulate a cash value.
It offers more flexibility, though. You can tailor the policy to meet changing priorities in your life with flexible premiums and face amounts. Universal life provides you more control over how quickly your cash value grows.