Term Life Basics

• Affordable way to get maximum coverage
• Provides a death benefit only
• Coverage during your employment unless you convert it when you leave
• You build no equity

Universal Life Basics

• Initially higher premiums than Term Life, but can be more cost-effective in the long run
• Provides a death benefit plus options such as Long Term Care coverage
• Protection for your whole life, as long as sufficient premiums are paid, even after employment
• Can build equity in the form of cash value

Term Life and Universal Life Together

You’re not limited to one or the other – a combination of Term and Universal Life may best meet your needs.

For example, the foundation of your life insurance plan could be Universal Life, supplemented by Term Life during your working years when coverage needs are typically higher (for example, family protection, mortgage payoff)

Adding optional Long Term Care coverage to a Universal Life policy provides employees valuable benefits when they reach their 60’s and 70’s