Term, Permanent, and What’s Right for You

Your Guide to Life Insurance

Term, Permanent, and What’s Right for You

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What Life Insurance Really Protects

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Replacing Lost Income
Mortgage Protection
Children’s Future
Final Expenses
Keeping the Life You’ve Built Intact

Life insurance is one of the most thoughtful and lasting ways to take care of your family.

Understanding the Two Main Types of Life Insurance

Term Life	Permanent Life
Covers you for a set period	Lasts your entire lifetime
Most Affordable	Builds cash value over time
No Cash Value	Higher premiums, but lifelong protection
Great for income replacement and debt protection	Can support long-term financial planning or legacy goals
Can be paired with a permanent policy for layered protection.	Often paired with term coverage for added flexibility and affordability.

Exploring the Types of Life Insurance in More Detail

Term Life

Best for temporary needs like mortgage protection or raising children
Expires after the chosen period (10, 20, 30, or 40 years)
Lower cost, no cash value
Convertibility available in many policies

Whole Life

Coverage lasts your entire life
Premiums are fixed
Guaranteed death benefit
Cash value builds slowly, but steadily
Can be used for loans or withdrawals later in life

Universal Life

Flexible coverage and premium options
Part of the premium goes to savings (cash value)
Interest rate on cash value may change over time
Requires careful monitoring to avoid policy lapse

Indexed Universal

Similar to Universal, but cash value growth is tied to a market index (e.g., S&P 500)
Higher growth potential, but not guaranteed
Often used for long-term wealth strategies
More complex — requires financial literacy or guidance

Add-Ons and Policy Riders

Accelerated Death Benefit: Access payout if terminally ill
Waiver of Premium: Keeps policy active if disabled
Child Term Rider: Adds small coverage for dependents
Guaranteed Insurability: Lets you increase coverage later, no new medical exam
Long-Term Car Rider: combines life and LTC needs

Do You Really Need More Than Work Coverage?

Your work policy is tied to your job — and it usually disappears when you leave.

It’s common to assume the life insurance you get through your job is enough, but here’s why that can be risky.

Employer-provided life insurance is a helpful benefit, but it’s usually not enough on its own.

Most group plans only offer coverage equal to one or two times your annual salary. That might sound like a lot, but for most families, it wouldn’t come close to replacing your income long-term or covering major expenses like the mortgage, childcare, or college tuition.

Most employer plans won’t come close to replacing your income or protecting your family’s future.

The bigger issue is this: your work policy is tied to your job.
If you leave the company, retire, or get laid off, that coverage likely disappears. While some plans offer the option to convert your group coverage into an individual policy, those options are often limited and can be costly.

The moment you leave your job, your family could be left with nothing.

A personal life insurance policy gives you more control.
It stays with you no matter where you work, and you get to decide the coverage amount, who receives the benefit, and how your protection fits into your long-term plans.

You can’t take your group life insurance with you, but a personal policy follows you for life.

It’s not about replacing what your job offers, it’s about making sure your family is protected no matter what happens next.

“I thought the coverage through my job would be enough, but when I actually looked at the numbers, it wouldn’t have even covered our mortgage. I realized my family needed something more solid — something I could control and keep no matter where I worked.”

How Much Life Insurance Do You Actually Need?

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Your Life Insurance Questions, Answered

Find answers to commonly asked questions about our products and services.

Do I need life insurance if I’m single?

Yes — especially if you have debt, co-signers, or loved ones who would handle your expenses.

What if I can’t afford a big policy?

Start with a small term policy. Something is better than nothing, and you can always add more later.

Can I get coverage if I have a health condition?

In many cases, yes. There are simplified and guaranteed issue options available.

What happens if I stop paying?

Term policies usually expire. Permanent policies may have a grace period or draw from cash value. It’s always best to stay in touch with your advisor.

Can I change my coverage later?

It depends on your policy. Some permanent policies are flexible, and many term policies allow you to convert or apply for additional coverage.

Does the death benefit get taxed?

In most cases, no. Life insurance proceeds are usually paid out income tax-free to your beneficiaries.

Can I borrow from my life insurance policy?

If you have a permanent policy with built-up cash value, yes, you can borrow against it. Just know that unpaid loans reduce the death benefit.

Can I have more than one life insurance policy?

Yes. Many people carry both a term and a permanent policy to meet different needs — like protecting income now while building long-term value.

What happens if I outlive my term policy?

The coverage ends when the term ends, but many policies offer a conversion option to switch to permanent life without a new medical exam.

Is a medical exam always required?

Not always. Some policies offer simplified or no-exam underwriting, but those may come with lower coverage limits or higher premiums.

Does life insurance cover accidents only, or any cause of death?

Most standard policies cover both accidental and natural causes, with a few exceptions like fraud or high-risk activities in the first few years.

Who can I name as my beneficiary?

You can name anyone — a spouse, child, parent, trust, or even a charitable organization. Just make sure it’s someone you trust to handle the funds.

What if I miss a payment?

Most policies have a grace period (typically 30 days). If the payment isn’t made by then, the policy may lapse. Permanent policies may use cash value to keep it active.

What’s the difference between the owner, the insured, and the beneficiary?

The owner controls the policy
The insured is the person whose life is covered
The beneficiary is who receives the payout

Sometimes, all three are the same person, but not always.