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H o r e n b e r g I
n s u r a n c e S e r v i c e s, I n c.
|
 Life
Insurance |
| Term Insurance |
| Term insurance is generally purchased for a short-term period or for a specific number of years. Term insurance does not build cash value and is not ideally designed for providing coverage into the later years of life thus, term insurance is less expensive than permanent insurance. Common types include annual renewable term, level term and credit insurance. |
| Permanent Insurance |
| Permanent insurance is intended to stay in force until your death. A portion of the premium is allocated as an investment which accumulates like a savings account. Because of this and the fact that insurance companies almost always pay out the death benefit, permanent insurance costs more than term insurance in the short run, however, it is generally more cost effective over the long term. Common types include whole life, variable life, universal life, and survivorship life insurance. |
| Annuities |
| While annuities
offer a death benefit, they are not life insurance. Annuities are
a retirement planning tool where you pay in during your working years
in order to receive a monthly income after you retire. The death benefit
is only paid if you die before retirement age. © 1999 - 2003 Horenberg Insurance Services, Inc. |