• Term Life provides coverage for a specific period of time (term). i.e. 10, 20 or 30 years. If you pass during the “term”, your beneficiary (named loved one) receives a death benefit.
• Least expensive coverage option

Whole life provides lifelong coverage and includes an investment component that grows in “cash value”.

• Employer coverage is a great start, but is it enough to protect your loved ones in your absence?
• What if you change jobs?
• What if you develop a health condition? Most life insurance requires a physical exam to qualify for coverage.
• Having life insurance privately and through your employer is a great combination to ensure the availability of long term coverage.

This amount varies greatly from person to person. Things to consider include:

• The cost of final expenses – an average funeral costs $6000.
• Current Debt – credit cards, student loans, mortgage, car loans, etc.
• Future Expenses – lifestyle, college tuition, children’s’ wedding, etc.

The amount of life insurance you need is . . . what you can afford long term. If you can afford $10/week, get that coverage. Too many people enroll in a policy to cover every expense only to cancel after a few years when they cannot afford the payment.  Add more when you can.

• For Term Life Insurance, the premium will remain the same for the life of the policy.
• Many Whole Life policies also have a consistent payment that does not change.  Some policies can have a variable payment structure.