There are two basic types of life insurance, Term Life Insurance and Permanent Life Insurance.

Term Life Insurance is simple, affordable, and flexible at a 5, 10, 15 to 30 year fixed term.

It is considered the most basic and affordable type of life insurance, designed to meet temporary needs. This type of life insurance does not build cash or investment value and only covers you for a set period of time, provided you pay the monthly premium.

Having term insurance means the carrier will pay to the named beneficiary the face amount of the policy (set benefit and/or lump sum) upon death of the insured within the stated term. In most cases, term life insurance proceeds are tax-free. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

Permanent Life Insurance provides lige-long protection and a savings strategy for the future.

Whole life insurance (also known as cash value) builds up a cash value that has many benefits to the insured. Because the policy accumulates a cash value, the insured may borrow against the policy tax free or simply build a tax deferred investment income. The insured may cancel the policy for part of the cash value after a period of time. Upon the death of the insured, the policy pays the death benefit to the named beneficiary, also tax free. O’Brien & Associates offers Whole Life Insurance and types of cash value/whole life insurance that provide coverage for the policyholder’s entire life.

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