In the event of your passing, life insurance provides money directly to your beneficiaries. They can use the money for whatever they want, such as:
- Make up for your lost income
- Fund your child's education
- Paying off household debt
- Paying for your funeral and other related expenses
In addition, Permanent Life Insurance offers a cash value component which can be put to good use during your lifetime.
Types of Life Insurance:
Term Life Insurance for temporary simplified coverage and no cash value.
Whole Life Insurance for permanent coverage, with guaranteed premiums, death benefits and cash value growth.
Universal Life Insurance for permanent coverage, flexibility and less emphasis on cash value.
Variable Universal Life Insurance for permanent coverage, and potentially higher cash value through investment options, but you accept some risk.
Survivorship Life Insurance for lifetime protection for two people that pays a benefit upon the passing of the surviving insured.