FAQ’s

What is Term Life Insurance?

Term is simple. You pay a premium for a period of time (the term) from one to thirty years and if you die during that time the insurance is paid to the person or persons you designate to receive it - called the beneficiary(ies).

Term life insurance usually has the lowest premium in the early years, making it the most affordable life insurance - initially. Term does not build cash value.

It covers you for a specified period of time (usually from 5 to 30 years, you choose). If you purchase a $1,000,000 term life insurance policy for 20-year period and you die in any of those 20 years, your beneficiary receives the million dollars.

Whole Life

Whole life is a type of permanent life insurance. It’s called permanent because a whole life policy provides life-long protection and is guaranteed to do so by the insurance company. With whole life, you pay a fixed premium for life, instead of the increasing premiums found on renewable term life insurance policies.

Since the word “term” in term life insurance means a period of time, one could say that the term for whole life insurance is the term of all of your life. It is not technically called lifetime term insurance, but in a way it could be described that way.

Universal Life Insurance Policies and Quotes

A Universal life insurance policy is designed to provide lifetime insurance protection.

This type of insurance policy is one type of permanent life insurance. With a permanent policy, the insurance is designed to last as long as you pay the premiums. Whole life insurance guarantees this lifetime protection. Universal life does not have these guarantees but there are now universal life policies where you can add a feature that guarantees that the insurance will last the rest of your life. We can tell you more about that and give you quotes for this by giving us a quick call (909) 422-0220.