Life Insurance Explained in Layman's terms

Term Life Insurance 

Term Life Insurance that is purchased for a temporary period of time, usually 10, 15, 20, 25, and 30 years.  It can also be designed to last until a certain age such as 65, 75, or 85.  This insurance is most effective by those who have a temporary need and do not need permanet protection for life.  No cash value acculates in a term policy.  It may be a good fit for individuals between the ages of 25-60 years old that need a large amoun of insurance for a limited period of time.

Whole Life Insurance 

Whole Life Insurance is designed to last your entire life.  Whole life insurance requires that you pay a fixed amount, usually every month (but it can be quartley, semi annually, annually, or by a one time single premium payment).  You don't have to worry about outliving the whole life insurance plan as long as the premiums are paid.  It usually cost more than term because the insurance company knows that one day they will have to pay out thousands of dollars. life insurance policy provides you and your family with peace of mind. After all, it's nice to know that your loved ones are protected and can benefit from the fruits of your labor so they can invest in their own future.

Universal Life Insurance

Universal Life is similar to whole life insurance but is designed to be much more flexable.  For example, with some Universal Life policies you could increase your coverge amount in future years simply by increasing your premium payment amount, or you could stop paying for a period of time.  The flexabilty