Life Insurance

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Term life insurance provides life insurance protection for a specific period, such as 10, 20, or 30 years. If the insured person dies during the term, the policy generally pays a death benefit to the beneficiaries. It is often less expensive than permanent life insurance because it is designed primarily for temporary protection.

Whole life insurance provides permanent life insurance coverage as long as the required premiums are paid. It generally includes a death benefit and a cash value component that can grow over time. Whole life policies typically have fixed premiums and guaranteed features, making them more predictable than some other types of permanent insurance.

Universal life insurance is a type of permanent life insurance that combines a death benefit with a cash value account. It generally offers more flexibility with premiums and coverage than whole life insurance, depending on the policy. The cash value can help support the policy, but the policy must be properly funded to remain in force.

A fixed annuity is a financial product designed primarily for retirement savings and income. The insurance company typically provides a stated interest rate or a guaranteed minimum rate for a specified period. Depending on the contract, an annuity can provide a predictable stream of income during retirement.