TERM LIFE INSURANCE
Term life insurance is coverage at a fixed rate of payments for a limited period or term of time. If the insured dies during the term, the death benefit is paid to the beneficiary. Term insurance is “pure protection” without any cash value, is generally less expensive initially than permanent insurance and the least expensive way to purchase coverage should an insured die prematurely.
PERMANENT LIFE INSURANCE
Permanent insurance is designed to provide protection for an insured’s entire lifetime. If you pay the premiums specified in the policy permanent insurance is intended to meet long- term needs. Premiums may be structured to build cash, guarantee a death benefit, are flexible and provide a series of options that can be triggered as life changes. Permanent insurance is recognized as the most cost efficient type of life insurance over the long term.
SURVIVORSHIP LIFE INSURANCE
Survivorship life insurance also known as Joint and Survivor or Second To Die Insurance is a type of permanent insurance that insures the lives of two individuals–typically spouses– under one policy. The death benefit is paid upon the passing of the second insured. Survivorship policies are a cost efficient tool when utilized in conjunction with estate planning to provide liquidity, establish legacies and fund planning for couples with children that have special needs for their care and financial security after the death of both parents.
LONG- TERM DISABILITY INSURANCE
Provides protection if you are unable to work for an extended period of time due to an injury or illness. It enables you to meet expenses and maintain your standard of living by replacing a portion of your lost income from your occupation until you are able to return to work.
LONG-TERM CARE INSURANCE
Long-Term Care Insurance provides the funding should an insured require assistance to perform two of the activities of daily living which include eating, bathing, continence, dressing, toileting and transferring. If you have a long-term illness or a chronic condition that may require extended care at home, an assisted living facility or nursing home a policy can help make sure you have the financial resources to cover these expenses while maintaining your financial freedom.
HEALTH INSURANCE
Coverage that offsets the costs, whether partial or complete, associated with an individual’s medical or surgical expenses. Everyone at some point in their life, and often on many occasions, will require some form of medical attention and treatment. When medical care is required, ideally the patient should be able to concentrate on getting better, rather than wondering if they have the resources to cover the cost of care.
