Life Insurance

Life insurance can provide peace-of-mind that your beneficiaries will be provided for after you die. Learn more about selecting the right policy for you, and how some policies can even serve as retirement savings.
Frequently Asked Questions
  • What are the different types of life insurance?

    The main types of life insurance are term, whole, and universal life insurance. Whole and universal life are permanent life insurance products that stay in effect for as long as the policyholder pays the premium. In addition to death benefits, permanent life insurance features the ability to build cash value on a tax deferred basis and serve as an investment vehicle.

  • How much does life insurance cost?

    Life insurance premium costs vary greatly depending on the type of policy, amount of coverage, and the age and health of the insured. Term life insurance carries the lowest premium costs but, in general, all life insurance policies cost relatively less when purchased earlier in life.

  • When is the best time to buy life insurance?

    Usually the best time to buy life insurance is when you are relatively young and healthy, as this will allow you to get a lower premium versus when you are older or in poor health. Another factor to help determine the timing of life insurance purchase is one’s life stage, such as being newly married with a mortgage or starting a family.

  • Are life insurance death benefits taxable?

    Life insurance death benefits, payable to beneficiaries upon the death of the insured, are typically not subject to federal or state income tax. However, any capital gains that have accumulated on a tax deferred basis on the cash value portion of permanent life insurance are subject to federal income tax upon the death of the insured. The tax-free nature of life insurance death benefit is a primary feature that adds value and peace of mind to this type of financial asset.

Key Terms
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