What is life insurance?

Types of life insurance:

Term life insurance

• Term life insurance is simple and affordable , providing a fixed amount of insurance for a specific period of time
• Term life provides temporary protection you can customize to meet your changing needs
• In the event of your untimely death, the policy pays a tax-free benefit to your beneficiaries

Permanent life insurance

Permanent life insurance is often called whole life insurance because it provides lifetime coverage – with the added benefit of accumulating cash value over time

• Permanent insurance costs are usually guaranteed when you first buy the policy
• Some permanent insurance plans enable you to pay for a limited number of years and then never again

Participating life insurance

• Participating life insurance is a type of permanent life insurance coverage where your policy is eligible to receive dividends
• The amount of coverage and annual cost are guaranteed for life
• Your dividends can be used in a variety of ways, such as to buy more coverage, reduce your annual premium cost, earn interest inside the plan or be taken out in cash.

Universal life insurance

Universal life insurance is a flexible type of permanent life insurance that combines protection and savings/investments.

• You choose a guaranteed death benefit that will be paid to your beneficiaries
• The payments you make above the cost of insurance can be invested within the policy to earn tax-deferred growth