Types of Life Insurance

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Life Changes - So Should Your Policy

Your need for life insurance is dependent on your personal and financial needs. As your life changes, your life insurance coverage may need to change as well to adapt to your current needs.

Some life changes that may require a policy "tune-up" include:

• You recently married or divorced
• You have a new child or grandchild
• Your health or your spouse's health has deteriorated
• You are providing care or financial assistance to a parent
• Your child or grandchild requires assistance or long-term care
• You recently purchased a new home
• You are planning for a child or grandchild's education
• You are concerned about retirement income
• You have refinanced your home mortgage in the past six months
• You or your spouse recently received an inheritance

There are several different types of life insurance products available. The most common include:

Term Life Insurance

Term life insurance provides life insurance protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It's generally less expensive than permanent life insurance, and is available in varying term periods with fixed premiums from a one- (annual renewable term) to 20-year period (level term). Furthermore, term insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.

Whole Life Insurance

Whole life insurance is a form of permanent life insurance that remains in force during the insured person's lifetime, provided premiums are paid as specified in the policy. Whole life insurance can build cash value.

Universal Life Insurance

Universal life insurance is a form of permanent life insurance characterized by its flexible premiums, flexible face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.