Life insurance that protects the people who count on you
Life insurance pays your loved ones a sum of money if you pass away, so they can keep up with the mortgage, everyday bills, school costs or final expenses. Monica Roman helps you choose between term and permanent coverage and find a policy that fits your budget.
Term vs. permanent life insurance
The biggest choice is how long you need coverage to last. Here’s how the two main types compare:
| Term life | Permanent life | |
|---|---|---|
| How long it lasts | A set period, such as 10, 20 or 30 years | For as long as premiums are paid |
| Cost | Less expensive | More expensive |
| Premiums | Might not be fixed; can rise if you renew | Normally fixed |
| Pays a benefit | Only if you pass away during the term | No matter how long you live |
| Cash value | None; a simple policy | Grows tax-deferred and can be borrowed against* |
| Often used for | Years when kids are young, or to protect a mortgage | Lifelong protection, final expenses and leaving a legacy |
* Cash value loans and withdrawals reduce the death benefit of the policy and are subject to interest and taxes.
Final expense insurance
Final expense insurance is a smaller permanent life policy meant to cover funeral and burial costs, medical bills and other end-of-life expenses, so your family isn’t left with the bill. Many final expense policies ask a few health questions instead of requiring a medical exam, which makes them a popular choice for older adults.
Disability income insurance
If an illness or injury kept you from working, how would you pay the bills? Disability income insurance replaces part of your paycheck while you recover, protecting your savings and your family’s budget.
How much life insurance do you need?
There’s no one right number. Monica looks at your income, debts, mortgage, children’s ages and goals, then shows you coverage amounts and prices from several companies so you can choose with confidence.
Life insurance carriers we work with
Life insurance questions
What’s the difference between term and permanent life insurance?
Term life covers you for a set number of years, such as 10, 20 or 30, and costs less. Permanent life lasts as long as you pay premiums, usually has fixed premiums and builds cash value, so it costs more.
What is final expense insurance?
Final expense insurance is a smaller permanent life policy designed to pay for funeral and burial costs, medical bills and other end-of-life expenses so your family doesn’t have to.
Do I need a medical exam to get life insurance?
Not always. Many final expense policies, and some term policies, use health questions instead of a medical exam. Monica will tell you what each company requires.
Can I borrow from my life insurance policy?
Permanent life policies build cash value that can be borrowed against. Loans and withdrawals reduce the death benefit and are subject to interest and taxes. Term policies have no cash value.
Protect your family’s future
Talk with Monica about term, permanent or final expense coverage. The consultation is free.