LIFE INSURANCE
The goal of life insurance is to provide a measure of financial security for your family after you die. So, before purchasing a life insurance policy, you should consider your financial situation and the standard of living you want to maintain for your dependents or survivors.
Term Life - life insurance that provides coverage at a fixed rate of payments for a limited period of time. Sometimes used to pay off a mortgage or pay for college education in the event of an untimely death.
Whole Life - policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid. On most polices a cash value is accumulated and this can be borrowed against.
Universal Life - ​flexible permanent life insurance offering the low-cost protection of term life as well as a savings element (like whole life insurance) which is invested to provide a cash value buildup. The death benefit, savings element and premiums can be altered as a policyholder's circumstances change.