Term Life Insurance

Define: Temporary coverage for a set period (10, 20, or 30 years).

What it does: Provides your family with a large death benefit at an affordable cost during your working years.

Key Details:

1: Lowest monthly cost for the most coverage

2: No cash value (pure protection)

3: Often used for mortgage protction, income replacement, and family security.

4:Easy to understand and qualify for

(especially for younger and healthier applicants.)

Whole Life Insurance

Define: Permanent life insurance coverage that last your entire life, as long as premiums are paid.

What it does: Provides a guaranteed death benefit plus builds cash value over time that you can borrow from or use in emergencies.

Key details:

1: Lifetime coverage with fixed premiums

2: Builds guaranteed cash value that grows tax-deferred

3: Can be used for estate planning, legacy giving, or final expenses

4: While it cost more than term, it provides permanent protection and value you can use while living

Age Range: [0 - 85]

Final Expense Insurance

Define: A permanent life insurance policy designing to cover end-of-life cost, such as funeral, burial, and medical expenses.

What is does: Helps your loved ones avoid financial burden by providing a small, affordable death benefit that pays out quickly.

Key Details:

1: Smaller coverage amounts (typically $5,000 to $50,000)

2: Easier to qualify for - often available with medical exam

3: Meant to cover funeral, medical bills, or unpaid debts

4: Lower monthly cost than whole life, with permanent coverage

Age Range: [45 - 85]

Indexed Universal Life (IUL)

Define: A flexible permanent life insurance policy that builds cash value tied to a stock market index (like the S&P 500), without the risk of losing money when the market drops.

What it does: Offers lifetime protection, tax-deferred growth, and the ability to borrow from your policy like a personal bank - often called "Be Your Own Bank."

Key details:

1: Cash value grows based on index performance, with a 0% floor to protect against

2: Tax-free loans can be used for anything - retirement, emergencies, or investments

3: Flexible premiums and death benefit - adjust based on your needs and budget

4: Popular for long-term wealth building, retirement income, and leaving a legacy

Age Range: [0 - 85]

Living Trust

A Living Trust is a legal document that lets you transfer ownership of your assets (like a home, bank accounts, or investments) into a trust while you're still alive - so they can be managed or passed on without going through probate.

Key Details:

1: Avoids Probate

Assets pass directly to your beneficiaries - no court delays or cost

2: You Stay In Control

You manage the trust while alive; a backup (successor trustee) takes over if you become ill or pass away

3: Keeps Things Private

Unlike wills, trust aren't public records

4: Works with Life Insurance

You can name the trust as a beneficiary on your policy to direct funds properly

Common places for a Living Trust

1: Home and other real estate

2: Bank accounts

3: Life insurance policies

4: Investments

5: Personal property (vehicles, valuables, etc.)