SNPJ Life Insurance
Life insurance needs vary by individual and family. SNPJ can help you determine which type of life insurance and how much coverage makes the most sense for you.
All life insurance policies are not the same. Some offer coverage for your lifetime, others cover you for a specific number of years. Some build cash values, others don’t. Life insurance helps you meet the financial needs of an unexpected or untimely death, and the proceeds are paid out to the beneficiary tax free.
There are two basic types of life insurance: term insurance and permanent insurance.
Whole Life Insurance
Whole Life insurance provides lifelong coverage and is ideal for individuals who are looking for protection for their entire life. Some permanent plans offer different payment options through which premiums are paid for a limited number of years, but the coverage protects you as long as you live. Permanent life insurance accumulates a cash or loan value and is eligible to earn dividends. Accidental death benefit and waiver of premium are offered on some plans.
Term Life Insurance
Term insurance provides life insurance coverage for a specified term. Term is typically the least expensive way to purchase a substantial amount of coverage and is ideal for individuals who are in their high-debt years or in need of a larger amount of protection. Term plans don’t typically
accumulate a cash value, and should you renew the plan for a new term, your premiums will be higher. SNPJ term plans allow for a guarantee conversion to a permanent plan of the same or lesser value if completed before age 70.