Types of Life Insurance

Life insurance offers peace of mind as it relates to the equitable distribution of assets to heirs; providing ready funds to pay estate taxes and settlement costs without the delay and costs of probate; and by furnishing a significant increased cash death benefit to beneficiaries.

Life products offer specialized options to help protect and manage your estate.

• Term Life Insurance is relatively inexpensive and provides a tax-free death benefit to your beneficiaries for a fixed period of years (5, 10, 15, 20 and 30) depending on your age at the time of purchase. Term life does not accumulate cash value.
  
  
• Final Expense or what is sometimes called Simplified Issue Whole Life Insurance helps pay for final expenses upon death. These plans usually provide up to $25,000 to $30,000 in benefits and often do not require medical examinations. However, issuance of a policy is often not guaranteed and may depend on answers to questions set forth in an application.
  
  
• Whole and Universal Life Insurance accumulates cash value and earns interest, income tax-free while providing an income tax-free death benefit to your beneficiaries. If an emergency arises the insured has access to these funds by borrowing against the acquired cash value or by asking for a partial surrender of these values.
  
  
• There are also many options to help with Wealth Transfer in the financial market. However, only life insurance can fully guarantees your choice of death benefits while providing many other lifetime benefits such as immediate asset increase, federal income tax-free benefits, guaranteed values, immediate access to funds, options to accelerate nursing home benefits and health care costs, and avoiding probate.