TERM or temporary insurance serves as a very cost effective way to protect individual and families for needs such as income replacement, mortgage/debts, education plans and final expenses.  Common terms are 10, 20 and 30 years depending on your specific needs and rates are based on age, gender and overall health.  Generally, term insurance is renewable which means the insurance can continue after the original term however at a higher rate.  Term insurance is also convertible which means it can be converted to Whole Life Insurance discussed below.

WHOLE LIFE or permanent insurance usually serves a different purpose than term and usually last until age 100.  Whole life is  purchased for smaller and permanent needs such as funeral, legal cost, and inheritances.  As your mortgage decreases and your children grow to become independent, you can begin converting some of your term life insurance to whole life.  This method gradually reduces your overall coverage and shift your premiums to a permanent product giving you a well balanced plan over the course of your life.

Of all the insurance on the market such as Universal Life, 20 Pays and Term  to 100, they all make up some blended form term insurance or permanent insurance with different payment schedules and options. Choosing the coverage based on your needs will effectively provide you with the most economical coverage.

Try using the LIFE acronym as a guide only;
Liabilities - all personal/business debt including mortgage
Income Annual salary X 10
Final Expenses -Between $10,000 and $25,000
Education Fund - $40,000 per young child

It is very important that you use this method as a guide only as your individual needs may differ from the example given above. 

   Contact Us or try a Needs Calculator for a custom plan.