Term life insurance, whole life insurance, universal life insurance, variable life insurance, survivorship insurance… the list and combinations seem endless. Do you know which life insurance policy type is right for you? At Alliance Benefit Advisors we can help find the right plan – or mixture of plans – for your specific needs.
Most people choosing term life have a strategy for long term net worth. They need specific coverage for a period of their lives to protect debt, loved ones, and children. For a homeowner with children it might make sense to have a term life policy to cover the mortgage and living needs until their children are old enough to provide for themselves – in this case the term would expire around the time your children move out.
Whole life can be used in the retirement years as cash assets. It can provide equity for loans and have fixed payments that do not increase with time. Many times whole life policies will pay dividends - although not always.