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Life & Financial Services


Life & Financial Services Information

How can life insurance help me?

There are many kinds of life insurance, but they generally fall into two categories: term insurance and permanent insurance.

Term insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.

In contrast, permanent insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.

It's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.

But remember, the best way to figure out the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified and licensed life insurance professional.


What is a 401(k)?

A 401(k) is an employer-sponsored retirement savings plan. It allows employees to invest part of their paychecks before taxes are taken out. Taxes are paid when they withdraw the money from the account. Many employers offer matching programs as part of their employee benefits package.

401(k) plans started replacing pension funds in the 1980s when the cost to run them rose. Most 401(k)s have a spread of mutual funds made up of stocks, bonds and money market investments. Employees choose how their money is invested.

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