Jones & Associates area includes Arkansas, Illinois, Mississippi, and Missouri.
Term Life is Temporary.
Term Life, is generally sold in 1,5,10,15,20,25 & 30 year terms. No cash value, just insurance protection for the period you choose. Depending on the type, price can be level, increasing or decreasing. Term insurance policies are designed for younger people, and rarely have to pay a claim.
* Term insurance is better suited for the younger aged market, most commonly used for home mortgage and large debt, etc.
Whole Life is Permanent.
Whole Life policies are designed to pay the death claim regardless of age or deteriorating health conditions. Premiums are higher, because they plan on paying the claim, no matter how old you become.
1. Policy guarantees price will never go up.
2. Policy guarantees coverage will never decrease
3. Policy guarantees it will not cancel unless you stop paying
4. Policy guarantees immediate coverage upon qualification
Whole life policies contain 3 non-forfeiture values.
2. Reduce paid-up
Two most common types of Life Insurance
1. Term Life
2. Whole Life
Both are vehicles to help you get where you want to go, the question is where do you want to go?