There are three main forms of Life Insurance:
Term — Provides guaranteed rates and coverage for set terms, typically Term 10 Year or Term 20 Year. This is cost effective coverage, yet one should make sure the term insurance purchased is renewable and convertible, so in the future you have the option to change your coverage to a Permanent Whole Life or Universal Life as your needs and circumstances change. A great reason to speak with a proven and trusted advisor. Just ask Gateway.
Whole Life — Provides permanent protection, known annual premium amount, and gains cash value. This is the best choice for those that know they will require lifetime coverage. Not sure which is for you? Just ask Gateway.
Universal Life — Provides permanent protection along with the option to invest in a tax sheltered environment by over funding the policy. Well-suited to those concerned about estate preservation or estate planning. Again, complex decision — Just ask Gateway.
All other titled Life Insurance flows from one of the above three forms of Insurance. For example: Mortgage Insurance is in effect Term Insurance. This may be the right choice, but a good discussion is wise. Most buy again later in life and typically a more expensive home, as well. Term Insurance may be much more costly at that point and is perhaps not the correct choice.
Most importantly, do not buy Mortgage Insurance until you speak with us. The banks make themselves the beneficiary; not you or a family member. At Gateway, we make certain that you benefit, and we can typically provide the same insurance coverage for substantially less money.
There are many other types of Insurance products such as Critical Illness, Key Person Insurance, to name a few. We are here and ready to assist. Just ask Gateway.