Life
Insurance
Help financially protect your loved ones.
Life insurance is designed to help provide a financial safety net for you and your loved ones. It could help replace your income after you pass away, and some policies set aside a portion of your premium to build cash value which you can use later. This way, you can help give your loved ones some financial peace of mind.
Discover Why Life Insurance is Important
Final Expenses
- Funeral Costs
- Unpaid Medical Bills
Income Replacement
- Mortgage
- Car Loans
- Other Debt
Financial Planning
- Estate Planning
- Retirement Goals
Know the Difference
Term vs Whole Life Insurance
Term Life Insurance
Term life insurance may help provide financial security for a set period, typically 10, 20, or 30 years. Due to its budget-friendly premiums and high coverage, this policy is popular among young adults and individuals with many financial responsibilities like student loans, mortgages, or raising kids. It's designed to provide the coverage you need to help your family with expenses and debt if you were to pass away.
Did you know there are term life insurance options that offer longer coverage periods? Some term life insurance coverage periods extend up to 100 years. These policies provide long term protection similar to whole life, yet typically offer lower premiums. It's important to note that term life policies do not grow cash value.
Features
- Temporary and Long-Term Coverage Options
- Generally, Tax-Free Payout Upon Death
- Enhancements Options
- A Policy You Own
Whole Life Insurance
Whole life insurance does more than help protect your family - it allows you to set aside a portion of your premium which grows slowly over the years as cash value. This may help add to your overall net worth.
One benefit is that you may be able to use your cash value while still alive. But remember, accessing your cash value will reduce the death benefit, which means there will be less money for your loved ones when you're gone. Also, you may be able to stop paying premiums during retirement while still keeping some insurance protection.
Features
- Permanent Coverage
- Generally, Tax-Free Payout Upon Death
- Builds Cash Value
- Enhancements Options
- A Policy You Own
Pairing Policies
Stacking Term and Whole Life Insurance
Term and whole life policies can be paired together to maximize your life insurance benefits. For instance, if you have a whole life insurance policy with a lower coverage amount, you can purchase a short-term policy to provide additional coverage during specific periods of higher financial risk, like starting a business or having young children.
The right policy combination may help give you financial protection and peace of mind if the unexpected occurs, allowing your family to grieve and heal with less financial stress. To help maximize your overall financial security and growth, it may be beneficial to have both policies.
Learn the benefits of having both term and whole life insurance
Busting Myths
Can you debunk these common misconceptions about life insurance? Select the card to see the truth behind each misconception.
Where are you in your journey?
Life insurance can help take care of your loved ones financially if you were to pass away unexpectedly. Explore the examples below to see how life insurance coverage can benefit you at every stage.
Map out your financial wellness journey.
Life is unpredictable, but preparing for the unexpected can help. Speak with your account manager to learn more about life insurance. Check out our Financial Goal Compass, a helpful tool for outlining your financial goals. Download it, fill it out, and bring it to your meeting with your account manager to discuss your specific needs.
Download the Financial Goal Compass