Term Life insurance policies build no cash value like other policy types. A term policy is life coverage only. On the death of the insured it pays the face amount of the policy to the named beneficiary.Term policies are in place for a specific amount of time and only paid out in the event of death. Term life is one of the most practical ways to take care of your family in the event of your death. With even a minimal policy, you can ensure that your family will be able to pay for burial and funeral expenses. If you have children, your policy should enable them to attend college or pay off your mortgage. Terms usually run in 10-year periods: 10, 20 or 30-year policies are the norm.
 

WHOLE LIFE insurance combines a term policy with an investment component. The investment could be in bonds and money-market instruments or stocks. The policy builds cash value that you can borrow against. Whole life is more expensive than term life insurance, since you are paying not only for insurance, but also for the investment portion. There are various forms of whole life that you might consider: The three most common types of whole life insurance are traditional whole life, universal and variable. If you have certain financial needs for investment or savings instruments, whole life could be just what you need. Talk to our agents for more information.

HOW MUCH INSURANCE DO I NEED? To find the right amount of coverage, weigh your dependents' spending needs against their future income and assets. Consider the costs (additional child care for a suddenly single parent, funeral charges, etc.) and sources of help (investments, Social Security benefits for survivors). But remember, this will give you only a rough estimate. Ideally, you should review the numbers with your insurance agent every two years or so to see if your needs have changed.