Replacing income
On a budget?Term Life Insurance is the least expensive and an excellent option. It is about 1/4 the cost of other types. The policy ends after the term you select: 10, 15, 20, 25 or 30 years. Choose a term based on your needs. If children are 20 years from being independent, look at 20 year terms. If you and a spouse are 30 years from retiring or paying off a mortgage, look at 30 year terms. |
Policies covering your lifetimeWhole Life and Universal Life Insurance provide coverage over your entire lifetime. In addition, premiums build a cash value that can be borrowed from or withdrawn. These policies are often used to cover final expenses, create wealth for future generations and pay taxes for estates over $3.5M. Cash values also grow tax-free, so they often play an important role in retirement portfolios.
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