Whole Life Insurance



• Whole life insurance is designed to last as long as you do.
• Coverage up to 121 years old as long as all required premiums are paid.
• Premiums never increase from the day your policy is issued to the day premiums are no longer required at age 100.
• Initial premiums are higher than term insurance, with funds accumulating within the policy as cash value.
• Whole life is the most conservative type of permanent life insurance, with guaranteed level premiums, guaranteed cash value accumulation, and a guaranteed death benefit.

Term Life Insurance



• The simplest type of life insurance, and usually the least expensive to start.
• Provides coverage as long as you pay the premiums, typically up to age 90.
• Premiums guaranteed not to change for the first 10 to 30 years of the policy, then increase annually with age.
• Is typically popular with younger families who need a lot of coverage but aren’t yet earning their peak incomes.
  

Universal Life Insurance

• Like whole life, universal life insurance offers the potential of life-long coverage, to age 121. But it allows flexibility in the timing and amount of premiums, and allows you to adjust the death benefit amount.
• You choose the amount of premium to pay, within contract limits. That payment goes into a separate account inside the policy, with the cost of the policy deducted from the account each month. Your policy stays in force as long as there’s enough value in the account to cover the deductions.
• You can build more cash value by paying more premium.
• When times are tough, you can reduce or even pause premium payments as long as there’s enough cash value to cover policy costs.