Life insurance can be the foundation of your financial security and can provide comfort and stability for your family. The purpose of life insurance is to help provide your loved ones with financial protection after you die, in exchange for the premiums you pay to your insurer during your lifetime. Some life insurance policies can provide you with financial protection for a specific duration, while others accumulate cash value, offering a living benefit that can be used for any purpose such as to help supplement retirement income, funding for a child’s education, or cash for emergencies.¹

Term Life Insurance

Term life insurance is a popular type of life insurance because it usually has lower rates initially and it’s simple to understand. You make regular payments called the “premium,” to help ensure your beneficiary can be paid a fixed amount when you die. This type of insurance can provide financial protection to help make your family’s future more secure, or it might simply help cover your final expenses. You may be surprised at your term life insurance options, and how easily you are able to protect your loved ones — even when you’re over 50.

The most important thing to understand and remember when buying term life insurance is that its name, “term,” means a period of time. The coverage ends when you reach a certain age or the end of the “term.”  You may find that term life insurance offers you a higher level of financial protection for the price.

A term life insurance policy could:

• pay debts you leave behind
• meet your family’s living expenses
• pay the mortgage or rent and utilities 
• cover college tuition costs

A term policy can be designed to meet those as well as other needs for a set number of years.  

JLS Family Financial can help you secure an affordable policy that’s right for your needs and that of your family. 

Permanent Life Insurance

Permanent life insurance provides you with financial protection for your entire life i

Whole Life Insurance. The benefits of whole life insurance include guaranteed fixed premiums, a guaranteed death benefit and guaranteed cash value growth. This means that with whole life insurance, your premiums never increase as long as they’re paid, and the policy has “living benefits,” which may enable you to access the cash value of the policy for any purpose while you’re alive.

¹ Distributions under the policy (including cash dividends and partial/full surrenders) are not subject to taxation up to the amount paid into the policy (cost basis).

Access to cash values through borrowing or partial surrenders will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.

² Guarantees are based on the claims paying ability of the issuing company or companies.