Life Insurance
Kidz Financial Zone
Term Life Insurance
Term life insurance lasts for a set number of years before it expires. You pay premiums toward the policy, and if you pass away during the term, the insurance company pays a set amount of money, known as the death benefit, to your designated beneficiaries.
The death benefit can be paid out as a lump sum or an annuity. Most people choose to receive the death benefit as a lump sum to avoid paying taxes on any earned interest.
Whole Life Insurance
Universal Life Insurance
Universal life insurance allows you to adjust your premiums and death benefit depending on your needs. If, after some time, you decide to stop paying or lower your monthly premiums, you can use the cash value to cover your premiums.
Variable Life Insurance
Variable life provides the opportunity to invest the cash value in various funds offered by the insurance company, including mutual funds. Investment performance will reflect broader market trends.
Final Expense
Unlike most traditional policies that require a medical exam, you only need to answer a few questions to qualify for final expense insurance. And there’s little to no waiting period to get covered.