Protects your beneficiaries in the event of death.
There are two basic types:
- Term Life, which is good for only a specific period of time such as 10, 20 or 30 years. Premiums remain the same during the life of the term.
- Whole Life which is “permanent” insurance that also includes a buildup of value in cash in addition to your death benefit. You can borrow against your cash value. You can even take out some of that cash value, but your death benefit will be reduced.
- Long Term Care & Disability Insurance is also available.