A life insurance policy is an agreement between (an) individual(s) which provides payment of a monthly or annual premium, thus ensuring the payment is paid to a beneficiary at the time of the passing.

Types of Life Insurance



This is the least expensive type of life insurance coverage and is used for short term needs such as a source of funds to pay off outstanding debts.  Coverage is ensured for a fixed period. Once this time period has expired, the coverage is terminated.  The terms options are 10, 15, 20, 25 or 30+ years.  A fixed or variable premium is paid for the duration of the term selected.


Whole Life

This type of life insurance provides coverage until the policy holder’s death.  Premiums are paid for the remaining life of the individuals covered or for a given period of time, such as 20 years.  Coverage can either be participating or non- participating.  All policies have a cash sender value, which can be used as security for a loan.


Participating Whole Life

The policy holders are granted a dividend declared by the carrier of the policy.  These dividends are by paid directly to the individuals covered or added to the coverage of the policy.  These declared funds can be used by children of parents as a source of funds for education, down payment on their first home or an addition to their retirement package.


Non-Participating Whole Life

No dividends are declared by the carrier of the insurance policy.  A death benefit is paid at the time of the policy holder’s passing.

This type of a policy provides elements of both an investment and life insurance.  Insurance premiums are either fixed or variable and the returns on the investment portion of them are generally income tax exempt.


Universal Life

This type of a policy has elements of life insurance and investment built into its contributions.  The life insurance premiums may be either fixed or variable and the returns from the investments held in the plan may be income tax exempt.


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