Life Insurance is one of the most valuable assets of an individual, business, or estate. There are two broad categories of life insurance: term and permanent. Both provide an income tax-free death benefit to be paid to the beneficiary when the insured dies.
Term insurance provides this death benefit for a stated period of time, such as 10, 20, or 30 years, while permanent insurance is intended to remain in effect for the entire life of the insured.
Life insurance can also provide “living benefits;” these living benefits can provide you tax-free cash reserves, retirement income, long-term care protection, and other financial resources to enjoy while you are still alive. There are many different types of products and each insurance company has their own product line with various features and benefits.