Life Insurance

While there are many different types of policies available in the marketplace, there are generally only three kinds of life insurance programs:


	Life & Disability

	This section contains the following coverages: Life Insurance Disability Insurance Critical Illness Insurance

Term Insurance: This is pure protection without investment benefits; it covers for a stated period of time (usually between 1 to 20 years), and may expire at age 75, 85 or 100, depending on the policy conditions. If you die during the period the policy is in force, the company pays the death benefit; if you die after it expires, there is no coverage, and no death benefit is paid. Since it is basic protection, term premiums generally are the lowest of the three types of life insurance, but increase as you age.

Permanent Life Insurance: As long as you pay the premiums, the coverage remains in force, no matter what your age. These policies generally offer less flexibility, but some offer financial benefits through the cash value of the policy. Premiums can be level for life (they don’t increase as you age, even if your health deteriorates), or they can vary depending on the plan you choose. Premiums tend to be higher than term when you are younger, but will be lower than term when you become older and possibly uninsurable due to failing health.

Combination: This coverage combines features of term and permanent insurance, granting you more flexibility around your coverage, and more choice in investment decisions for the cash value of the policy.

Depending on what stage of life you have reached, your needs will be different, and your life insurance needs will be different, as well.

Review your life insurance at least every 1-5 years to match with current needs or any time you have a significant change of financial position – occupational changes, birth of a child, dependency of elders, etc.