• Monarch Wealth

    Life Insurance

Life insurance is essentially a contract between you and the insurance company.


Types of Life Insurance


Term Insurance

Term Insurance pays a death benefit if the insured person dies before the specified period of coverage ends.


Permanent Insurance

The word “permanent” implies the insurance is forever or at least, as long as premiums are paid. This type of insurance is used for leaving a legacy to your family. There are two types of permanent insurance:


  1. Whole Life: In addition to providing a permanent death benefit to beneficiaries, the policy contains cash values that accumulate with interest accruing on a tax deferred basis.
  2. Universal Life: A Universal policy consists of two components: 1.) the cost of insurance (COI) which is the minimum premium payment to keep the policy in force and 2.) the cash value of the policy.