Offerings

This is a financial contract that you establish that will pay money to your beneficiaries if you pass away. Depending on your stage in life your concerns for your beneficiaries may vary widely but could include coving things like: mortgage or rent, daily living expenses, funeral costs, debt, children's education, income replacement, etc. There are 2 common types of Life Insurance: Term & Whole Life. With Term Coverage you select a coverage amount for term length (such as 10, 20 or 30 years) and if you pass during the term, your beneficiaries receive the death benefit. This coverage is usually lower cost than whole life, and if you are still alive at the end of your term your coverage will end unless you renew or convert the policy. With Whole Life Coverage it is a type of permanent life insurance that provides coverage for your entire lifetime, as long as you continue paying the premiums. You set a coverage amount, with regular premiums (often fixed for life), and when you pass your beneficiaries receive the death benefit. These policies are usually more expensive than term policies, but coverage lasts for life, and they have the unique feature of building cash value. Over time whole life insurance policies build cash value which you may be able to borrow against while alive.