It can help protect your loved ones, provide supplemental income when you need it, reduce taxes and create a legacy. There are 2 types of life insurance policies, term & permanent.

Term is the simplest and cheapest type of policy, offering protection for a specified number of years, such as 10, 20, 25, or even 30 years. If you die during the specified term, your beneficiaries will receive a tax-free death benefit.

Permanent life insurance is more flexible. You choose the amount and frequency of premium payments, and it offers options for coverage up to your lifetime, ensuring a tax-free legacy to your loved ones. It also allows you to grow and access the cash value of your policy while you’re still living, so that you can use it to help pay for college, purchase a home, or supplement your retirement income.