Term Insurance and Mortgage Protection policies

Term life insurance is a type of life insurance policy that pays out a death benefit to a beneficiary if the insured passes away during a specified term: 

• How it works
• You pay premiums for a set period of time, usually 10–30 years, and if you die during that time, your beneficiaries receive a death benefit. 
• Cost
• Term life insurance is usually less expensive than other types of life insurance, but it doesn't build cash value or provide lifetime coverage. 
• Types
• There are different types of term life insurance policies, including fixed term, increasing term, decreasing term, and annual renewable. 
• Benefits
• Term life insurance can help ensure that your loved ones aren't burdened by a loss of income. Payouts can be used to cover funeral costs, childcare, debt, college tuition, or other expenses. 
• Eligibility
• Coverage and rates vary based on underwriting criteria, such as age, sex, health history, smoking status, and residency.

Permanent Life Insurance



Permanent life insurance is a contract with a life insurance company that provides lifelong protection and a death benefit. It's different from term life insurance, which only covers you for a set number of years. 

Here are some things to know about permanent life insurance:

• Cost
• Permanent life insurance is usually more expensive than term life insurance because it lasts your entire life. However, the premium for a permanent policy remains the same, while term premiums can increase each time you renew. 
• Cash value
• Permanent life insurance policies have cash value, which is the amount of money you can access. You can use the cash value for a variety of purposes, such as taking a loan, paying your premiums, or surrendering the policy. 
• Tax treatment
• Permanent life insurance offers favorable tax treatment. Cash value grows tax-deferred, so you don't pay taxes on earnings while the money stays in the policy. You can also withdraw some money without taxation, usually up to the amount of premiums you've paid. 
• Types
• There are several types of permanent life insurance policies, including whole life, universal life, and variable life. 
• Benefits
• Permanent life insurance can help with end-of-life expenses, such as medical bills and funeral costs. It can also help your heirs avoid estate taxes.

Disability and Long Term Care Insurance

Disability insurance

• Replaces a portion of your income if you can't work due to a disability or illness. The disability can be general or specific to your job.

Long-term care insurance

• Pays for the costs of caregiving when you can no longer take care of yourself. This could be for assisted living, skilled nursing, adult daycare, or home assistance. 
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Here are some other things to know about disability and long-term care insurance:

Eligibility

• To qualify for long-term care benefits, you must be unable to perform at least two activities of daily living, such as eating, dressing, or bathing. 
• Elimination period
• Your insurance policy may have an elimination period of up to 90 days before you start receiving reimbursement. 
• Policy review
• You should review your policy carefully to understand your coverage, when it starts, and where the care will be provided. 
• Grace period
• You usually have a 30-day grace period to pay your premium. 
• Free look period
• You usually have a 30-day free look period to review your policy and return it for a full refund.