LIFE INSURANCE

Term Life Insurance
Term Life Insurance is a life insurance policy that provides coverage for a specific period of time. This includes policies that range from 10 to 30 years. Once the specified time period has lapsed, if not renewed, the policy is terminated. Term Life Insurance is less expensive than Whole Life Insurance, and
the plans are generally medically underwritten. If the insured dies within the policy period, a death benefit is paid to the beneficiaries (as long as your policy is in force).

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Whole Life Insurance (Permanent)
Whole Life Insurance is a life insurance policy that provides coverage until the insured’s death, or until the policy endows, which is usually at the age of 99. Think of these policies as life insurance for life, which is why whole-life policies are more expensive than term life insurance. Most whole-life policies
have a cash value component that accrues over time, and like term life policies, plans are generally underwritten.

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Final Expense Insurance
Final expense life insurance is an insurance policy that is purchased for the sole purpose of covering post-death expenses such as burial expenses and debt. Final expense insurance policies are usually small, with death benefits ranging from $5,000 - $25,000. Typically there is no medical underwriting for
these policies.