INDIVIDUAL SERVICES



LIFE INSURANCE PROGRAMS

Life insurance - What is it?

Life insurance is used to protect the financial security of the people you love most.

A life insurance policy pays a cash benefit, tax free, to your beneficiaries when you die. The amount of money for which you are insured and the type of insurance you buy depends on your needs.

People can get life insurance through work (some employers offer it through group benefits plans. This type usually ends when you come of the group plan) or they buy it on their own (usually from an insurance advisor).

There are 3 types of life insurance: term, permanent and universal.

Term Insurance
Low cost, temporary protection for times of high financial risk. (e.g. when you have a mortgage)

Permanent Insurance
Stable lifelong protection without the complexities of universal life. Over the long term, it offers generally a better financial choice than buying and renewing term insurance.

Universal Life Insurance
A more flexible but intricate type of insurance that combines long term life insurance with an opportunity for tax-deferred savings.


Purpose of Insurance



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