Life Insurance – So Much More Than a Death Benefit

What if I told you life insurance can be as versatile as a chameleon?

But first, it’s important to understand the different types of life insurance. Broadly speaking, there are two options: term and permanent life insurance. Term policies provide a benefit if death occurs during a specified timeframe – often 10, 20 or 30 years. Whereas, permanent type policies are intended to provide lifelong protection.

Back to my chameleon inference. In addition to a death benefit, permanent life insurance can also be structured to include long term care benefits and/or tax-free retirement income (think of a Roth IRA on steroids). So, while term life insurance is “pure life insurance,” permanent policies can be a valuable and essential financial tool in your estate and family planning process.

Clearly, this abridged synopsis about the versatility of life insurance is intended to create dialogue. To better understand and have a high-level discussion about your individual or family needs, talk with us at Historic Square Agency, your trusted independent insurance agent or speak to your financial planner.