Life Insurance
Life insurance covers the life of a person. If they die while the policy is active, the insurer pays out a claim to the named beneficiaries. You can choose any person or entity to be a beneficiary, such as a child, spouse or trust. The payout, or life insurance death benefit, is typically equal to the amount of coverage on the policy. For example, a $500,000 whole life policy will pay out $500,000 to its beneficiaries. If there is no named beneficiary, the payout will go to your estate.
Term Life
Offers life coverage for a specific period, such as 10 or 20 years. If the policyholder asses away during this term, the insurer pays a predetermined amount to the beneficiaries.
ROP Term Life
Combines the protection of tern life with a savings aspect, returning all ad premiums f the policyholder survives the term. While initially more expensive, it offers long-term financial security.
Whole Life
Provide lifelong coverage with a savings component, allowing for cash value accumulation. It's a higher initial cost but offers long-term security for the policyholder and their family.
Universal Life
Offers flexible premiums and a cash value that grows, providing lifelong death protection. Policyholders can adjust premiums and death benefits based on their financial situation.