There are two main types of life insurance: term life insurance and permanent life insurance.
Term life insurance is typically the more simple and affordable option. It provides coverage for a set period of time or “term,” typically 10-30 years, and is designed to protect your dependents during your income-earning years. If you pass away during the term period, your beneficiaries will receive a lump-sum payment of the policy proceeds.
Permanent life insurance, which includes whole life insurance, provides coverage for your entire life. Some permanent life insurance policies let you access cash value with a policy loan, a withdrawal, or a partial surrender from the policy. Withdrawals, partial surrenders, and outstanding loans will usually reduce the amount paid to beneficiaries.
At Ethos, our goal is to ensure and protect as many families as possible. Offering term and guaranteed issue whole life insurance lets us do just that.
Term life insurance might be right for you, particularly if:
Guaranteed issue whole life insurance might be right for you, particularly if: