There are two basic types of policies: permanent (whole and universal life) and temporary (term life). Simply put, permanent coverage remains in affect for the lifetime of the insured, while temporary coverage expires after a set term.

Term Life Insurance covers you in case of death only for a specified amount of time. The Reith & Associates team can help you decide on the terms of your coverage - for example, just until your children are fully grown and independent, or until you reach retirement age. At the end of the contract, your policy expires. There are no benefit pay-outs.

Term policies are generally straightforward and premiums are low. They are especially suited to meeting short-term needs, such as covering mortgage payments or family expenses.

Whole and Universal Life Insurance policies never expire. Besides providing a death benefit, they can be an investment vehicle and help you build up savings. You can borrow against a portion of your premium and put it toward your retirement.

Whole and Universal life policies are more flexible and best suited to planning for the long-term and more complex needs of your survivors. They can provide additional protection, offer a source of emergency funds and provide additional retirement income.

Email us at info@reithandassociates.com today to learn more.

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