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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.
Health insurance provides financial protection against the high cost of medical care. It helps cover doctor visits, hospital stays, emergency services, preventive care, and prescription medications. With the right health insurance plan, you gain peace of mind knowing you can access necessary care without facing overwhelming out-of-pocket expenses.
Health insurance plans can include coverage for primary care, specialists, mental health services, maternity care, lab tests, and more. Depending on the plan type—such as HMO, PPO, EPO, or high-deductible options—you can choose the level of flexibility, network access, and costs that work best for your health needs and budget.
Imagine suddenly needing surgery or emergency care. Without health insurance, medical bills could reach thousands—or even tens of thousands—of dollars. With the right coverage in place, your insurance helps pay for these services, protecting your finances and ensuring you receive the care you need during unexpected situations.
Health insurance is not one-size-fits-all. Whether you need a plan with low monthly premiums, broad provider access, or extensive coverage for ongoing medical needs, you can tailor your policy to fit your lifestyle. Working with a knowledgeable advisor helps you compare options and choose a plan that supports your long-term health and financial well-being.
Financial planning provides structure and clarity for managing your money, helping you make informed decisions that support both your short-term and long-term goals. From budgeting and saving to investing and retirement preparation, financial planning allows you to build a stable foundation for a secure future.
A strong financial plan covers key areas such as debt management, emergency savings, investment growth, insurance protection, and estate planning. Whether you’re just starting your career or preparing for retirement, a personalized plan ensures your finances stay on track through every major life milestone.
Imagine wanting to retire comfortably but not knowing how much you should save or what investments are right for you. Without a clear plan, it’s easy to fall short. With proper financial planning, you gain guidance, measurable targets, and confidence knowing you’re building a future that aligns with your goals and lifestyle.
Financial planning is highly personalized. By working with an experienced advisor, you can create a plan based on your income, priorities, and long-term objectives. This ensures you make smart financial choices, protect your assets, and grow your wealth over time—building long-term stability for yourself and your family.
Retirement planning is essential for ensuring financial security and independence in your later years. It’s about more than just saving; it’s about creating a personalized strategy that protects your lifestyle, covers future healthcare needs, and prepares you for the unexpected, giving you the freedom to enjoy your retirement without financial worry.
Effective retirement planning includes setting savings goals, selecting the right investment strategies, and protecting assets with the right insurance products. Whether it’s life insurance, annuities, or specialized retirement accounts, building a secure foundation now helps you avoid financial stress later on.
Imagine reaching retirement age with confidence, knowing you have a steady income stream, healthcare costs covered, and a solid plan for future needs. Thoughtful retirement planning makes that vision possible, helping you enjoy more freedom, less worry, and a better quality of life during your golden years.
No matter where you are in your journey, it’s never too early—or too late—to start planning. Working with a trusted advisor helps you create a flexible, customized strategy that evolves with your goals, ensuring that your retirement years are everything you hope for and deserve.