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Life Insurance

Life Insurance is the only plan you are guaranteed to use at some point. Life insurance has many uses including funeral expenses, coverage of outstanding bills left after death, replacement of lost income in the death of a spouse to support family, and retirement investment. Life insurance comes in several forms but the most popular two are Term and Whole Life.

Term Life: These plans are temporary insurance and usually less costly. They are designed to run for a particular term length and then it is gone. They must be renewed at the end of the term.

Whole Life: These plans are for your whole life and can come in other forms such as paid-up at 65. You pay on it your whole life- it builds cash value and can be borrowed from or cashed in. This plan is more expensive than Term, but it never goes away. It can be set up that you pay until age 65 but coverage lasts for a lifetime.

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