It’s difficult to put into words just how important life insurance is. In the event of a loved one’s death, a well designed life insurance policy can allow the family to still live the life they have become accustomed to.

This includes being able to still make mortgage payments, credit card payments, car loan payments, college and private school tuition payments, and funeral costs. While there are many different types of life insurance policies, some of the more popular types are:

Whole Life Insurance: Whole life insurance is a policy that in addition to paying a death benefit also can be used as a savings vehicle. The premium that is paid every year accumulates and grows in value. Moreover, the policy is called a “Whole Life” policy because there is no end to the death benefit. The death benefit follows the individual regardless of how long he or she lives

Term Life Insurance: A well designed term life insurance policy is the most affordable type of life insurance policy that exists. When electing this type of coverage, an individual purchases life insurance coverage for a period of time, known as a term. Typically this term can be 10, 20, or 30 years in length. This type of policy does not have any accumulating cash value, and if the individual is still alive after the term ends, coverage either ends or becomes much more expensive.

Universal Life Insurance: Universal life insurance (“UVL”) is a type of flexible permanent life insurance. It combines the affordability of term life insurance along with the savings element of whole life insurance. The death benefit, savings element, and premiums can be reviewed and changed as the policyholder’s individual situation changes. Another feature of this policy is that the policyholder can use the interest accumulated from the cash value of the policy to pay for the premiums over time.

Whatever your need and budget is, allow our team of experts to help design a custom life insurance policy for you.