Life insurance is a key part of a comprehensive financial plan.


Northern Financial Services Logo

You can use life insurance to leave much-needed income to your survivors, aim to provide for your children’s education, pay off your mortgage, and aim to simplify the transfer of assets.

There are two basic types of insurance:

Temporary (term) insurance:

  •  As a general rule, people purchase term-insurance policies to insure their families for a given period of time, usually no longer than 15-20 years. Term insurance is often purchased by homeowners carrying a mortgage or by parents of young children. Term insurance is also called pure insurance – it consists of a death benefit only.

Permanent insurance:

  • If your insurance needs are longer term, it’s usually more cost effective to use a “permanent” life insurance policy. Whole life and universal life are common types of permanent life insurance. These types of products contain an investment component, and can allow you to accumulate savings on a tax-deferred basis. Some allow you to borrow against any cash value you have built up!

Wherever your financial goals take you, we can help you get there. Contact me today!

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. This information is intended to assist in educating you about insurance generally and not to provide personal service.