Life Insurance

Life insurance provides whomever you choose with a one-time, tax-free payment when you die, as long as you continue to pay your premiums.

There are different types of life insurance, and different ways to make it work for you. It’s not only to protect your family. It can also be part of your financial plan, so you may be able to access money in your policy while you’re alive.

What kind of life insurance is available?

There are 2 basic types of life insurance coverage: term and permanent. Each has unique features designed to meet different needs.

Term insurance

Temporary coverage
Lower cost
Fixed payments
Option to convert to permanent

Permanent insurance

Lifetime coverage
Higher cost
Flexible payments
Opportunity to build cash value

What kind of insurance do you need?

	Term life insurance	Permanent life insurance
What does it provide?	Temporary protection	Long-term protection
How can it help?	Replace lost income Cover debt and funeral expenses	Replace lost income Cover debt and funeral expenses Build wealth Estate planning
What’s the cost?	Typically the most affordable type of insurance	Usually more expensive than term life insurance
Investment options	No	Yes
Benefits	You choose who receives a tax-free one-time payment when you die	You choose who receives a tax-free one-time payment when you die Build wealth inside your policy, within limits, that you can access during your life