During the past decade, Life insurance companies have supplemented traditional Term and Whole Life policies by offering a wide variety of new coverages tailored to meet the demands of families and businesses for financial security. This wealth of new products means that buyers need professional advice more than ever.
If you're looking to provide financial protection for your family, it's usually better to buy Life insurance when you're young and take advantage of periodic policy upgrades as your responsibility to dependents grows. Although a Term Life policy will cover your family should you die prematurely, the payout will normally decline and/or the premiums increase over time. On the other hand, premiums for Whole Life coverage (also called Permanent Life or Cash-Value Life) should remain level throughout the policy lifetime. You can also -- depending on the policy -- use it as a savings vehicle that accumulates cash value over time. In many cases, you can borrow against the policy value or even withdraw it if needed, subject to certain tax implications and costs.
If you're looking for Life insurance coverage that you can use as an income source in retirement or to provide financial protection for your business in the case of your death, you have a variety of options (Annuities, Business Life, etc.).
To see what Life insurance solution best meets your needs, feel free to give our professionals a call for a consultation.