Learn More About Life Insurance

Term life insurance policies provide funding at death to pay off a mortgage, income replacement for a spouse, to repay loans or for college expenses. In making an insurance need analysis, we often forget or underestimate the dollar value of work done in the home by both husband and wife. Life insurance proceeds also provide cash to pay estate obligations and help the survivors with a debt free start.

Term life insurance provides a pre-set amount of coverage ($1,000,000) for a pre-set number of years (20) from when the policy is issued, at a set price. The coverage amount (i.e. $1,000,000) and the price will not change over the length of the loan (i.e. 20 years). There is no cash value in term life, so it is less expensive than whole life or universal life.