Life Insurance

Life Insurance is not complicated when you work with one of our licensed professionals. Let's explore options to protect your loved ones.

What is Life Insurance?

When an insured individual passes away, life insurance pays out a certain amount of money to specified beneficiaries. For this coverage, policyholders pay regular premiums; some policies also offer reimbursements for critical or terminal illnesses. Different features and benefits are offered by different types of life insurance, including whole and term life insurance.

Common Types of Life Insurance

Term Life Insurance
  • Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
Whole Life Insurance
  • Whole life insurance, or whole of life assurance, is a life insurance policy that remains in force for the insured's whole life and requires (in most cases) premiums to be paid every year into the policy.
Universal Life Insurance
  • A type of permanent life insurance. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, as well as any other policy charges and fees which are drawn from the cash value, even if no premium payment is made that month. Interest credited to the account is determined by the insurer, but has a contractual minimum rate of 2%. When an earnings rate is pegged to a financial index such as a stock, bond or other interest rate index, the policy is a "Equity Indexed Universal Life" contract.

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Longs, SC 29568​
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