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Life Insurance

There are 2 types of life insurance – Term and Permanent  

Term Life

This is the most common and widely advertised form of life insurance and it simply does what the name implies – provides insurance coverage for a stated term such as 10, 15 or 20 years.  It is temporary and is most often used to address the risk of premature death.  Term life never earns cash value but provides a larger death benefit for a lower premium compared to permanent life; however, once the term lapses or expires the cost of insurance generally increases rather significantly and may become unaffordable.  Therefore, the loss of the death benefit eventually can result in a large opportunity cost.  Term life is most useful for those who cannot currently afford permanent life and as a supplement to permanent life.

Permanent Life*

Permanent life comes in a variety of forms (Whole Life, Universal Life, Indexed Universal Life) and earns cash value as well providing for a death benefit. The primary advantage of permanent life is that it has living benefits and the cash value can be used in a variety of circumstances (education planning, retirement planning, tax planning, medical and health care expenses, emergency needs, etc.).  Unlike term life, however, permanent life may be viewed as a separate asset class rather than just a cost for insurance.  The primary disadvantage is the higher cost of the premium and time commitment to pay into the policies.  

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*All Guarantees subject to the issuing company's claims paying ability. Accessing the cash value will decrease both the death benefit and the cash value of the policy, and may require additional premiums to keep the policy in force.