Frequently Asked Questions

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Life insurance helps provide financial security for your loved ones by replacing lost income due to death.  

• Term Life Insurance:  Provides coverage for a specific period (e.g., 10, 20, or 30 years).  Since you are only paying premiums, it is the cheapest option.   
• Whole Life Insurance:  Lifelong coverage and includes a cash value component that grows over time.  Premiums remain constant during the life of the policy. 
• Universal Life Insurance:  Permanent life insurance with more flexibility in premium payments and a cash value component that can be accessed. 
• Variable Life Insurance:  Similar to Universal Life, but has an investment component where the cash value is invested in select mutual funds and grows with the market.

Things to consider in determining the need for life insurance are income replacement, mortgage balance, stay at home parent duties, future education expenses, funeral costs, and other expenses.  

We recommend that you carry 10-12 times your annual income in good Term Life Insurance.