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Individual Insurance Services What is Term Life Insurance? Term life insurance provides protection for a specific time period. Because term insurance is relatively inexpensive, therebt being a good choice if you can't afford the permanent life insurance protection you wish to have. Term insurance provides the protection you need now, at a cost you can afford. Because most term life insurance policies have a convertibility option which allows the insured to convert their temporary coverage to permanent plan without proving insurability, this type of insurance provides protection for today and flexibility for tomorrow.
Permanent life insurance provides death benefit protection for life. As long as you pay the premiums, the death benefit will be paid. Permanent life insurance may have fixed premiums, generally accumulates cash value on a tax-deferred basis and may pay policy dividends. Although more expensive initially than term life insurance, permanent life insurance may, over time, become the least expensive form of life insurance.
Long term care services help people with chronic conditions live independently and cope with a limited ability to perform the activities of daily living. Long term care insurance is designed to cover some or all of the costs associated with the services needed to assist you with your activities of daily living. This type of insurance covers chronic care that traditional health insurance does not. It also helps to protect assets that would otherwise have to be used to pay for this care. |