There are two types of life insurance:

• Term Life Insurance offers simple, affordable coverage for a set time period, typically 10 to 30 years.
• Permanent Life Insurance offers lifetime coverage with the potential to build equity in the form of cash value and options for more flexibility.

Term Life Insurance

If you’re just starting a family, or just purchased a home, a rising priority for you may be the prospect of providing for your loved ones in the event of an untimely death. For paying off a mortgage or taking care of other debts, term life insurance is a great option. It is generally the most affordable type of life insurance and provides pure death benefit protection – a fixed death benefit payout if you pass away within the “term” of the contract. And if you don’t like the idea of paying premiums for something you may never have to use, consider return-of-premium-type products –where you typically get back the premiums you pay if you outlive the “term.”

Permanent Life Insurance

– Universal Life Insurance (UL)

For long-range goals like paying for your kids’ college, supplementing your retirement income, and leaving a financial legacy for your family, universal life (UL) insurance can be a great fit. In addition to death benefit protection, it allows you the opportunity to build tax-deferred cash value that you can access for future use (provided all applicable premiums are paid). It also includes features like flexible premium payments that can generally be paid in any amount, at any time, and even in advance, allowing your policy to adapt to you.

– Indexed Universal Life Insurance (IUL)

Imagine adding a turbo-charged engine to your car’s bells and whistles. That will give you a feel for what Indexed Universal Life (IUL) insurance is like compared to traditional term and universal life insurance. Indexed Universal Life Insurance is a form of universal life insurance that provides death benefit protection but offers the opportunity to build cash value through index crediting potential based, in part, on a portion of the increases, if any, of one or more stock market indexes. Many IUL products may also offer protection from downside risk through a minimum guaranteed interest rate guaranteed by the issuing insurance company.

– Whole Life Insurance

Whole Life insurance provides death benefit protection for a lifetime (as long as premiums are paid), guaranteed premiums and cash value. With death benefit protection covering you throughout your whole life, this type of policy can help your family when you’re gone by providing money to pay for funeral and other final expenses.

Many people find that a combination of both types of life insurance helps them meet both immediate needs and long-term goals. Kairos Insurance Services offers term life insurance policies and several types of permanent life insurance policies to meet your specific needs.