Life Insurance

Life insurance can be an invaluable tool in family and estate planning. Planning for the death of a loved one can be difficult, but is also an important step to being prepared. The peace of mind that comes with life insurance can be invaluable to both the insured, and those that could be left behind.

The two major categories of life insurance are term life insurance and permanent life insurance. Both of these generally provide a benefit upon the death of the insured, but vary in cost and duration. Term insurance is generally less expensive for comparable amounts, but only covers the insured for a specified amount of time, generally 5, 10, 20 or 30 years. If the policy owner dies before the end of the term, the benefit is paid, but if they die after the end of the term, no payment is made. Permanent life insurance is generally more expensive than term insurance, but as long as premiums are paid, the death benefit is paid when the insured dies.