Term Life Insurance

Term life insurance as long as you need it

Is your family prepared for the unexpected?

When you’re on your wealth-building journey, you may need temporary coverage. With it, you protect yourself. Without it, you put yourself, your family, and wealth at tremendous risk.

term life insurance

That’s where Term Life Insurance comes in.

We work with the nations top mutual insurance companies like Penn Mutual, New York Life, MassMutual, OneAmerica, Guardian, and more. Get a variety of products, including term life insurance customized for your financial needs. Contact Paradigm Life today to discuss your options and find your right coverage.

Term Life Insurance FAQ

A life insurance retirement plan, or LIRP, is a dividend-paying whole life insurance policy structured for maximum cash value and tax advantages. Rather than funding a 401(k) or IRA, which can have high management fees and unpredictable returns, a LIRP earns a guaranteed interest rate and non-guaranteed dividends to grow the cash value of your policy, protected against market volatility. Upon retirement, you can use the cash value of your account to cover your living expenses. There are no penalties for early withdrawal. Your policy also has a death benefit, providing your loved ones with a lasting legacy (often tax free) after you’re gone.

Term life insurance doesn’t insure the policyholder for the entirety of their life; the number of insurable years are predetermined before taking out a policy. If the policyholder outlives that time frame, the policy will expire and there will be no payout. Term life insurance does not earn cash value.

Term life insurance may be best for people whose income covers the costs of temporary expenses for their family, like tuition or a mortgage. The term of the policy is determined by the number of years needed to pay off the expense, and ensures a family member won’t be burdened with the cost in the event of an untimely death.

Limited pay whole life insurance is a type of dividend-paying whole life insurance policy where the total cost of premiums are paid over a predetermined set of years.

Limited pay whole life insurance can be a good option if for policies purchased later in life. It allows the policyholder to stop funding their policy in retirement while still earning cash value, thereby increasing retirement income.

family on the beach having a picnic laughing

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