Term Insurance is the perfect choice for many life stages. It is known as temporary insurance because you pay your premiums for a limited period of time and then the insurance expires.Term insurance is also a good choice for mortage or debt insurance.
Permanent Insurance is just as the name implies – permanent coverage that you own untill death. There are two kinds of permanent insurance – whole life and universal life. Both are good for many life stages, but are typically for people with more disposable income.
With whole life insurance, you pay premiums for certain period of time or for life. With some policies,you also have the ability to build up cash value.
Universal Life Insurance offers a combination of insurance coverage and tax-advantaged investing. The policy includes a variety of investment accounts and the earnings are not taxed, as long as the money stays in the policy.
Living Benefits Insurance include three types
- Critical Illness Insurance: pays you money if you become critically ill. This type of insurance is a valuable investment at any life stage.The cost of recovering from an illness can affect everyone.Refund of premium option is also available.
- Long Term Care Insurance: provides you with the service and support you need to maintain your day to day activities if a chronic illness or cognitive impairment keeps you from being able to take care of yourself
- Disability Insurance: is important for anyone who relies on working income. Supplementing your group coverage with an individually owned disability insurance policy can provide you with benefits that address your unique needs.