What kind of Insurance is right for you?
Term Life Insurance
This is life insurance you buy for a specific period of time, usually 5, 10, 15, 20 or 30 years. It pays the amount of the policy to your beneficiary if you die before the end of this period. By buying a longer term policy, your costs can be stretched out to avoid the annual increases found in non-guaranteed term life. At the end of the Level Term Period, coverage ends.
Whole Life or Ordinary Life
Whole life policies stretch the cost of insurance out over a longer period of time in order to level out the otherwise increasing cost of insurance. In this case, however, it is spread not over a few years but over your entire life. Your excess premium dollars are invested in the company's general portfolio. This type of policy builds cash value and has loan provisions.
This option offers greater flexibility than whole or term life. After your initial payment, you can reduce or increase the amount of your death benefit (although to increase the amount, you'll probably have to give the insurance company medical proof that you are still in good health). Also, after your initial payment, you can pay premiums any time, in almost any amount within the policy's required minimums and maximums.
Disability insurance can offer a financial safety net as there may be expenses for medical costs, debts and final expenses upon death. When you're unable to work for an extended period of time because of an injury or illness, it pays monthly benefits until you are well enough to return to work.
Long Term Care
Long Term Care provides for the day-in, day-out assistance you need when a serious illness or disability renders you unable, physically or cognitively, to care for yourself for a lengthy period of time. Long Term Care can be provided at home or at a nursing facility, assisted living or alternate care facilities.