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Insurance Info

Types of Life insurance 

Family At Church
Young Family
Father & Son


A term life insurance policy provides coverage for a predetermined number of years. This type of life insurance terminates. It doesn't accumulate cash value that can be used for loans and other purposes. Term life policies are cheaper than permanent life insurance, which includes whole life and universal life policies.

Fast Facts:

  • Term life pays a guaranteed amount to your beneficiaries if you die during your policy’s term

  • Term life insurance doesn’t accrue cash value

  • Some policies can be converted into whole or universal life insurance

  • Term policies can last from 1 to 30 years

Whole Life 

A whole life policy builds cash value that you can borrow against or use as an investment, although returns are lower than for some other types of investments. Premiums for whole life insurance are considerably higher than those for term, but whole life can provide coverage as long as you wish up until your death.

  • Some policies have an investment option

  • Can borrow against cash value

  • Can provide coverage for extended periods of time, up to the policyholder's death


Like whole life insurance, universal life insurance builds cash value that can be used as an investment or borrowed against and provides coverage for as long as premiums are paid.  This policy can defund. You also can adjust your premiums and death benefit, which term policies typically don't allow.

  • Some policies have an investment option

  • Can borrow against cash value

  • Premiums and death benefit sometimes can be adjusted

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