Life Insurance

Term Life:  Term Life is the simplest form of life insurance.  It provides a pure death benefit and will normally cover the insured for a specified period of time (the "term"), such as 10 or 30 years, or until a specified age. 

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A term insurance policy generally does not build any "cash value" and at the end of the term period, the policy typically terminates without any remaining benefits or monetary value.  Term insurance is ideally suited to cover specific needs that may decrease or disappear over time.  Ex: Home Mortgage, Credit Cards, Student Loans, etc...

Universal Life Insurance:  Universal Life is some times referred to as a Flexible Premium Adjustable Life Policy.  This policy is more flexible than a traditional whole life policy in that premium payments may vary within certain limitations stated in the policy.  For example, premium payments may be decreased, increased, or skipped altogether as long as the policy's accumulated value remains sufficient to keep the policy in force.  Also, the death benefit may be raised or lowered more easily with Universal Life to fit the insured's needs.  
 
Universal life is appropriate for individuals who need the guarantees provided by a whole life policy, but also with the flexibility to make adjustments as life changes and maybe even the possibility of earning higher rates of interest on their policy cash value.

Whole Life:  Whole Life, sometimes called ordinary life or straight life, covers the insured for life as long as the premiums are paid.  This is the most basic permanent policy and typically the premium remains the same throughout the life of the insured.  Some variations of these policies permit the premiums to be paid for a shorter period, such as single pay, 10 years, 20 years or until age 65.

Final Expense:  Final Expense is a life insurance product intended for the use of paying off final expenses such a funeral, medical bills, etc. Coverage for final expense generally ranges from $5,000 to $50,000. There are normally no medical exams for underwriting and may have at least two acceptance levels:  Immediate Benefit and Graded Benefit.  If the applicant qualifies for the graded benefit, the full death proceed may not be payable until after 2 to 3 years for a natural death claim.