Life insurance is available with a few different options. One option available is the universal plan, which is where you have death benefits, as well as the flexibility with your retirement, education, and savings. This form of insurance focuses on your long-term goals and helps you save for them.
Whole Life Insurance
Whole Life insurance offers level premiums and life insurance
protection for as long as you live, provided that premiums are paid as
required to keep the policy in force. State Farm offers whole life
policies that can be paid with a single premium, premiums payable to
100, or somewhere in between. Whole life policies also provide for the
accumulation of cash value on a tax-deferred basis which can be used
when you need it, to help with life’s opportunities. Policy loans do
accrue interest, and any outstanding policy loans and interest will
reduce the death benefit and cash value.
Universal Life Insurance
A Universal Life policy is a flexible way to help protect your loved ones and build tax-deferred cash value.
Premiums are paid into your policy's account value (after a premium expense charge), where it earns interest. Every month, various deductions, such as a charge for insurance protection, are then made from the account value. You have the ability to take loans or make withdrawals from the account value for your personal needs. Loans accrue interest and unpaid loans plus interest and withdrawals will reduce the death benefit and cash value. The policy continues as long as the cash value is sufficient to cover the various deductions each month*.
Term Life Insurance
Term life insurance is the most affordable form of coverage. You have the option with term life of a 10, 20 or 30-year death benefits plan that covers funeral costs with no cash value.