TERM INSURANCE is best suited to provide the right amount of coverage in situations where cash flow is restricted such as young family’s or new business ventures.
Most term insurance can be converted to permanent coverage in the future. Once converted the premium remains fixed for the remainder of the contract.
Because it is death-only protection, it is less expensive and therefore, more attractive if you are relatively young.
WHOLE LIFE INSURANCE is best suited for individuals with a permanent need. For example, whole life can be used to provide funds for paying estate taxes or buying a partner’s business interest if your partner dies before you.
With proper planning whole life insurance also has many “living value” benefits that provide some significant advantages over other financial products currently used for protection and RETIREMENT PLANNING. I encourage you to contact us to get more information on this ideal financial product.
Universal life is for those who want to maintain flexibility concerning both premiums and death benefits. It is also well suited for those who want to build up cash values conservatively.