Life Insurance at a Glance

Life insurance can not only protect your loved ones in the event of your sudden demise, but can be a source of revenue while you are still alive. The following provides a brief synopsis of four types of insurance options for your consideration. Term Life: the most common, by far, and usually recommended by financial advisors. Provides you with coverage for a specific amount of time you determine you need it, generally 10 to 30 years.  The policy doesnâ't maintain a “cash value” which is the reason its annual premium is less expensive than the alternatives. Whole Life: a permanent policy that provides benefits to your family when you die and offers cash value for the duration of the policy. Part of your premium is separated into a tax free, cash value account which you can save or use as you have need. Universal Life: provides a cash value account that earns interest for the duration of the policy. You can withdraw or borrow against your account as per policy specifications. Universal life policies also allow you to adjust death benefits and premium payments as you have need. Return of Premium: a term life policy that lets you recuperate all the funds you paid into your account if you are still alive after your specified term ends. These funds can be used for investment or however you desire. Learn more about life insurance options in California and how they can benefit you by contacting Cook, Disharoon & Greathouse.