Term life insurance lasts for a specified number of years and then ends. You choose the term when you take out the policy, with common terms being 10, 20, or 30 years. The best-term life insurance policies balance affordability with long-term financial strength.
Types of Term Life Insurance:Term life insurance is attractive to young people with children because parents can obtain large amounts of coverage at reasonably low costs. Upon the death of a parent, a significant benefit can replace lost income.
These policies are also well-suited for people who temporarily need specific amounts of life insurance. For example, the policyholder may calculate that by the time the policy expires, their survivors will no longer need extra financial protection or will have accumulated enough liquid assets to self-insure.
Term life insurance is for a predetermined period, typically between 10 and 30 years. Term policies may be renewed after they end, with premiums recalculated based on the holder’s age, life expectancy, and health. By contrast, whole life insurance covers the entire life of the holder. Unlike a term life policy, whole life insurance includes a savings component, where the cash value of the contract accumulates for the holder. The holder can withdraw or borrow against the savings portion of their policy, where it can serve as a source of equity.
Whole life insurance, also known as traditional life insurance, provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate. Interest accrues at a fixed rate and on a tax-deferred basis.
Whole life insurance policies are one type of permanent life insurance. Universal life, indexed universal life, and variable universal life are others. Whole life insurance is the original life insurance policy, but it does not equal permanent life insurance as there are many types of permanent life insurance.
Universal life insurance and whole life insurance are both permanent life insurance types that offer guaranteed death benefits for the life of the insured. However, a universal life policy allows the policyholder to adjust the death benefit as well as the premiums. As one might expect, higher death benefits require higher premiums. Universal life policyholders can also use their accumulated cash value to pay premiums, provided the balance is sufficient to cover the minimum due. Whole life insurance, alternatively, does not allow for changes to the death benefit or premiums, which are set upon issue.
Universal life (UL) insurance is permanent life insurance (lasting the lifetime of the insured) that has an investment savings element and low premiums similar to those of term life insurance. Most UL insurance policies contain a flexible-premium option. However, some require a single premium (single lump-sum payment) or fixed premiums (scheduled fixed payments).
Unlike term life, UL insurance policies can accumulate interest-bearing funds like a savings account. Additionally, policyholders can adjust their premiums and death benefits. Those paying extra toward their premium receive interest on that excess.
If you want to build tax-deferred savings and don’t expect to tap into the funds for a long time, universal life may be a suitable option. The cash value option that’s part of a universal life policy may be available for you to withdraw or borrow against in an emergency.
It’s a good idea to talk with your insurance provider to better understand your life insurance options. They can help you review your personal situation and long-term goals to choose a policy that’s a good fit for you and your family.
Mortgage protection insurance is a type of life insurance designed to help pay off or reduce your mortgage balance in the event of your death, disability, or critical illness. Its primary purpose is to protect your family from the financial burden of housing payments, allowing them to remain in the home without worrying about making monthly mortgage payments.
Mortgage protection is commonly structured as a term life insurance policy that aligns with the length of your mortgage, such as 15, 20, or 30 years. The coverage amount is typically based on your outstanding mortgage balance and may decrease over time as the loan is paid down, helping keep premiums affordable.
Many mortgage protection policies can also include living benefits, which allow policyholders to access a portion of the death benefit in the event of a qualifying critical, chronic, or terminal illness. Some plans may also offer disability riders that help cover mortgage payments if you become unable to work due to injury or illness.
Mortgage protection insurance is ideal for homeowners who want peace of mind knowing their loved ones will not be forced to sell the home or struggle financially during a difficult time. Unlike lender-provided mortgage insurance, this coverage pays benefits directly to your beneficiaries, giving them flexibility in how the funds are used.
Health insurance plays a critical role in protecting both your physical well-being and your financial stability. While traditional health insurance helps cover routine medical care such as doctor visits, prescriptions, and preventive services, it may still leave gaps when unexpected health events occur. Supplemental health insurance options are designed to help fill those gaps by providing additional financial protection during serious illnesses, accidents, hospital stays, or periods of lost income.
These plans are not meant to replace your primary health insurance, but rather to work alongside it—helping reduce out-of-pocket expenses, cover non-medical costs, and provide peace of mind during challenging times. Supplemental coverage can be especially valuable for individuals and families who want added protection beyond standard medical benefits.
Types of Supplemental Health Insurance:Supplemental health insurance coverage provides an added layer of protection that can make a significant difference during times of medical uncertainty. By offering cash benefits and income support, these plans help prevent health-related events from becoming financial crises.
Selecting the right combination of health and supplemental insurance depends on your personal health risks, occupation, income, and long-term financial goals. Working with a knowledgeable insurance professional can help you evaluate your options and build a comprehensive plan that protects both your health and your financial future.
Car insurance is essential for protecting you, your passengers, and your vehicle from financial loss due to accidents, theft, vandalism, or natural disasters. It covers repairs, replacement costs, and liability if you are responsible for injury or damage to others. Whether you’re driving across town or across the country, having the right car insurance provides peace of mind and protection on the road.
Car insurance policies typically include liability coverage for bodily injury and property damage, as well as optional collision and comprehensive coverage for your own vehicle. These coverages work together to ensure that you’re financially protected from a wide range of potential risks, whether caused by a collision, theft, storm, or even an unexpected event like a falling tree branch.
Imagine getting into an accident that damages not only your car but also another driver’s vehicle. Without insurance, you would have to cover all repair costs, medical bills, and legal fees out of pocket. With the right car insurance in place, your policy helps manage these expenses, protecting your finances and reducing stress during difficult situations.
Car insurance isn’t one-size-fits-all. From choosing higher liability limits to adding coverage like roadside assistance or rental reimbursement, customizing your policy ensures you have protection that fits your lifestyle and driving habits. Working with an experienced agent helps you build a plan that covers what matters most.
Motorcycle insurance offers critical protection for riders, their bikes, and others on the road. It provides coverage for accidents, theft, vandalism, and liability if you’re involved in an accident that causes injury or damage. Riding without insurance exposes you to financial risk and legal penalties — motorcycle insurance gives you the freedom to enjoy the road with confidence.
Motorcycle policies can be tailored to include liability coverage, collision and comprehensive protection, uninsured/underinsured motorist coverage, and even custom parts and accessories coverage. These options ensure that your bike — and the gear and upgrades you’ve invested in — are fully protected from accidents and unforeseen events.
Imagine your motorcycle gets stolen while you’re dining out, or you lay it down avoiding a road hazard. Without the right coverage, repairs or replacement could cost thousands of dollars. Motorcycle insurance helps you recover quickly, covering repairs, medical expenses, and losses so you can get back on the road with minimal financial strain.
A good motorcycle policy does more than protect your bike. It protects your lifestyle, your finances, and your future. Choosing additional coverages like trip interruption insurance, towing, and rental reimbursement ensures you’re ready for whatever the road brings, wherever your adventures take you.
Homeowners insurance provides financial protection for your home and personal belongings against unexpected events such as fire, theft, vandalism, and certain natural disasters. In addition to protecting the physical structure of your home, these policies also offer liability coverage, helping safeguard you from financial loss if someone is injured on your property.
What Homeowners Insurance Typically Covers:Homeowners insurance is essential for protecting one of your largest financial investments. Whether you own a single-family home, condominium, or townhouse, the right policy helps ensure that unexpected repairs or legal expenses do not create a significant financial burden.
Coverage and premiums are influenced by factors such as the location of the home, construction type, replacement cost, deductible amount, and optional endorsements. Additional coverage options may include flood insurance, earthquake insurance, scheduled personal property coverage for high-value items, and extended replacement cost protection.
While homeowners insurance is often required by mortgage lenders, it also provides peace of mind by helping protect your family’s financial stability. Reviewing your coverage regularly ensures your policy continues to align with your home’s value, lifestyle changes, and long-term financial goals.