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Frequently Asked Questions

• How much life insurance do I need?
• What is the difference between term and whole life insurance?
• Should I buy life insurance for my husband/wife or children?
• Why should I buy life insurance through a separate company if I already have life insurance through my employer?
• I'm not in the best of health. Can I get life insurance at an affordable rate?
• I'm going through a divorce. What life insurance issues
  should I be concerned with?
• What health considerations are important in getting favorable life insurance coverage?
• What happens at the end of my term policy?

Q. What is the difference between term and whole life insurance?
Which is best for me - term or whole insurance?

A. For most people, term insurance is the most sensible and affordable way to go. It provides coverage for a specific period of time (or term) – usually 10 or 20 years. At the end of that term, the policy may be renewable for an additional number of years. With Term insurance your payment stays the same for the term of the policy, and you can decrease the coverage as you get older. The amount you select is paid upon death to the person(s) you choose to be your beneficiary.

Whole life insurance, on the other hand, provides life insurance for your entire life. Cash values can grow over time and can be borrowed. As a result, you're paying not only for insurance, but for the investment portion -- a kind of "forced savings" for later years – which makes it more expensive.