Choosing the right type of life insurance involves considering several factors that are specific to your personal circumstance, financial goals, and the specific benefits of each type of insurance. Steps to consider when purchasing life insurance:

• Coverage amount
• Duration of coverage and purpose
• Type of coverage
• Evaluate your budget.

Types of Life Insurance:

Whole Life Insurance

• Provides coverage during the insured’s lifetime or age 121 with guaranteed level premiums until the age of 100. Coverage can’t be terminated or changed if the premiums are being paid.
• Cash value accumulation: A portion of the premium payments goes towards building cash value within the policy, which grows over time on a tax-deferred basis. The cash value can be accessed through policy loans or withdrawals for various purposes, such as supplementing retirement income, paying for emergencies, or funding large expenses.
• Dividend potential: Some whole-life policies offer a dividend to policyholders based on the company’s financial performance. The dividend may be used to increase the cash value, purchase additional coverage, receive as cash, or reduce the annual premium.

Universal and Indexed Universal Life

• Provides coverage during the insured’s lifetime or age 121 with flexible premiums that offer the ability to guarantee the death benefit depending on the policy.
• Premiums may be guaranteed for the life of the policy when utilizing a no-lapse guarantee feature.
• Cash value accumulation: the opportunity for cash value accumulation over time. The cash value grows based on the performance of a selected market index.

Term Insurance

• Provides affordable and basic protection for temporary financial needs. Offers peace of mind for a period-of-time without the higher premiums of permanent insurance coverage.
• Conversion options allow you to convert all or a portion of the policy into a permanent life insurance policy without undergoing a medical exam. This becomes beneficial in the event your insurance needs change over time.