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1. Term Life Insurance

Term life insurance provides coverage for a specific period, typically ranging from 10 to 30 years. If the insured passes away during the term, the death benefit is paid to the beneficiaries. This type of insurance is often more affordable, making it an excellent choice for individuals seeking temporary coverage during their working years.

2. Permanent Life Insurance

Provides lifelong coverage as long as premiums are paid. It guarantees a death benefit for beneficiaries and offers the potential to accumulate cash value over time. The cash value grows tax-deferred and can be accessed through policy loans or withdrawals. Permanent insurance provides flexibility in premium payments and death benefit amounts, making it useful for estate planning. While premiums are higher, the long-term coverage and potential savings make it a valuable option for those seeking lifelong protection.

3. Universal Life Insurance

Universal life insurance provides greater flexibility compared to whole life insurance. It allows policyholders to adjust the death benefit and premiums over time to align with their changing financial circumstances. Additionally, universal life insurance policies typically offer a cash value component that can be accessed or used to pay premiums.

Determining the ideal type of life insurance for your specific needs and goals is a personalized process. The suitability of coverage depends on your individual circumstances. To make an informed decision, we recommend consulting with a qualified life insurance professional who can assess your situation. Contact us today to schedule a review of your life insurance needs and find the right coverage for you.