What is term life insurance?

Term life insurance covers a set period, such as 10, 20, or 30 years. If you pass away during the term, your beneficiaries receive a payout.

How long does coverage last?

Coverage lasts for the length of the term you choose. Once the term ends, the policy expires unless you renew or convert it to a permanent policy.

How much does term life insurance cost?

Costs vary based on age, health, and coverage amount, but term life insurance is generally more affordable than other types.

Who needs term life insurance?

Term life insurance is ideal for individuals who want affordable coverage to protect their family during specific financial obligations, like raising children or paying off a mortgage.

What is whole life insurance?

Whole life insurance provides lifetime coverage with a cash value component that grows over time, offering protection and savings.

How is whole life insurance different from term life insurance?

Coverage lasts for the length of the term you choose. Once the term ends, the policy expires unless you renew or convert it to a permanent policy.

What are the benefits of whole life insurance?

Whole life insurance offers lifelong protection, a guaranteed payout for beneficiaries, and the ability to accumulate cash value you can borrow against or use.

Is whole life insurance a good investment?

Whole life insurance can be a valuable financial tool for long-term planning, but it depends on your goals. It’s best for those who prioritize lifetime coverage and want a savings component.

What is universal life insurance?

Universal life insurance is a flexible policy that provides lifetime coverage while allowing you to adjust premiums and coverage amounts. It also includes a cash value component.

How flexible is universal life insurance?

You can modify your premium payments and adjust your coverage amount as your financial needs change, making it a versatile option.

What are the risks of universal life insurance?

Cash value growth depends on market performance or interest rates, and higher fees or missed payments could reduce coverage or cash value.

What are annuities?

Annuities are financial products that provide a steady income stream, often used for retirement. You can purchase them with a lump sum or periodic payments.

How do annuities work?

You pay into an annuity, which, depending on the type, pays out regular income immediately or at a future date.

What are the different types of annuities?

▪ Immediate Annuities: Begin payouts shortly after purchase. 

▪ Deferred Annuities: Start payouts at a later date. 

▪ Fixed Annuities: Offer guaranteed payments.  

▪ Variable Annuities: Payments vary based on investment performance.

Are annuities a good investment for retirement?

Annuities can be an excellent option for retirees seeking a reliable income stream, but their suitability depends on your financial goals and risk tolerance.

What are final expenses?

Final expenses refer to costs associated with end-of-life arrangements, such as funeral services, medical bills, and outstanding debts.

How much do final expenses typically cost?

The average cost of a funeral, depending on the arrangements and location, can range from $7,000 to $10,000.

How can I plan for final expenses?

You can plan by purchasing a final expense insurance policy, setting aside savings for these costs, or prearranging funeral services to minimize the burden on loved ones.

Are annuities a good investment for retirement?

Annuities can be an excellent option for retirees seeking a reliable income stream, but their suitability depends on your financial goals and risk tolerance.