Term life Insurance

Term life insurance provides coverage for a certain time period.  10 year “term” or 20 year “term”.  It is designed to protect and provide financially for your spouse and children in case you die prematurely.  If you have a term policy and die within that “term”, your beneficiaries receive the “death benefit”.

Term life insurance policies will often have terms of one year to 30 years.  Typically, the monthly premium (monthly payment) stays the same throughout the term of the policy.  The only way to collect on this type of policy is death.

Parents or spouses will usually choose a term length that goes along with the number of years their families would be most financially vulnerable.  How much would be needed if you were no longer there to provide for them.  The payout would replace your income, and help pay for monthly costs you now provide for them.

The design of a term life insurance policy is thought to end around the time the term expires.  Your kids will be grown, you’ll have your house paid for, you’ll have money in savings and/or a 401k plan or retirement plan.

Post 7-12-16 | Term Life Insurance vs. Whole Life Insurance

Final Expense Whole life Insurance

Whole life insurance provides coverage your whole life, and it includes something called “cash value”.  Think of it like a mini savings account attached to the policy.  The cash value grows, and you won’t pay taxes on it.  You can borrow money against the cash value, or “surrender” (cancel your plan) for the cash.

CAUTION:  If you don’t repay your policy loan amount with interest that you borrowed from your cash value, you will reduce your death benefit (the amount your policy is worth).  If you surrender your policy, you’ll no longer have coverage.

Final Expense Insurance is considered to be a type of permanent life insurance.  It lasts as long as you live.  The death benefit is guaranteed, and the cash value account grows as you make your monthly payments.

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