Life insurance provides a financial safety net for your loved ones in the event of your death. It can help cover essential expenses like funeral costs, mortgage payments, outstanding debts, and future needs such as college tuition or daily living expenses.
Including life insurance in your financial plan ensures that your family’s financial future is secure, even if the unexpected happens. It’s a key part of building a comprehensive plan that protects your income, legacy, and peace of mind.
Types of Life Insurance plans
Term Policy
Term life insurance offers affordable, straightforward protection for a set period—typically 10, 20, or 30 years. It provides a tax-free death benefit to your loved ones if you pass away during the term, helping cover expenses like income replacement, debts, or education costs.
Whole life
Whole life insurance is a type of permanent life insurance that provides lifelong coverage and includes a cash value component. It offers a guaranteed death benefit, fixed premiums, and builds cash value over time that you can borrow against or use during your lifetime.
Index Universal Life
An Indexed Universal Life (IUL) insurance policy is a type of permanent life insurance that offers both a death benefit and a cash value component. The cash value grows based on the performance of a stock market index (like the S&P 500), but with protections in place to prevent losses during market downturns. IULs provide flexibility in premium payments, death benefits, and potential tax-advantaged growth.