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Life insurance pays a tax-free benefit to chosen beneficiaries when the insured dies — replacing income, covering final expenses, or leaving a legacy. Here's how the products differ.

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Overview

What life coverage is

Life insurance exchanges a premium for a promised death benefit paid to beneficiaries. The two broad families are term (coverage for a set number of years) and permanent (lifelong coverage that also builds cash value). Term is the simplest and most affordable way to cover a temporary need like a mortgage or child-rearing years; permanent policies cost more but never expire and can accumulate value the owner can borrow against.

Final expense is a small whole-life policy designed to cover funeral and end-of-life costs, usually with simplified or guaranteed underwriting. Annuities are a related retirement-income product that converts a lump sum into a stream of payments. How much coverage someone needs generally reflects income replacement, debts, and future obligations.

Coverage Types

The life & legacy product shelf

Term life

Level coverage for a set term (10–30 years). Lowest cost per dollar of benefit; ideal for income replacement during working years.

Whole life

Permanent coverage with fixed premiums and guaranteed cash value that grows over time.

Universal & indexed universal life

Flexible-premium permanent coverage; indexed options tie cash-value growth to a market index with a floor.

Final expense

Small whole-life policies with simplified underwriting to cover funeral and end-of-life costs.

Indexed annuities

Retirement products that convert savings into guaranteed income, with growth linked to an index.

Riders

Add-ons like accelerated death benefit, waiver of premium, or child riders that tailor a policy.

Who It's For

Common client profiles

Young families

Parents replacing income and covering the mortgage if a breadwinner dies.

Business owners

Owners funding buy-sell agreements or key-person coverage.

Seniors

Clients buying final-expense coverage to spare family funeral costs.

Estate planning

Higher-net-worth clients using permanent coverage for legacy and liquidity.

Debt holders

People wanting coverage sized to loans and obligations.

Retirement savers

Clients using annuities for guaranteed lifetime income.

Key Terms

Terms worth knowing

Death benefit: The amount paid to beneficiaries when the insured dies; generally income-tax-free.
Beneficiary: The person or entity that receives the death benefit.
Term vs permanent: Term covers a set period; permanent lasts for life and builds cash value.
Cash value: The savings component in permanent policies that grows tax-deferred and can be borrowed against.
Premium: The ongoing payment that keeps a policy in force.
Underwriting: How a carrier evaluates health and risk to price a policy; can be full, simplified, or guaranteed.
Rider: An optional add-on that adds or modifies coverage.
Face amount: The stated coverage amount of the policy.

Common Questions

Life FAQ

Term or whole life?

Term is cheaper and covers a set period; whole life costs more but is permanent and builds cash value. Many clients use a mix.

How much coverage is enough?

A common starting point is replacing several years of income plus debts and future costs like education — sized to the client's goals.

Is a medical exam required?

Not always. Simplified and guaranteed-issue products skip the exam, while fully underwritten policies may require one for the best rates.

What is cash value?

A tax-deferred savings balance inside permanent policies that the owner can borrow from or surrender.

Write life with one appointment

Unity First Nation contracts you across the carriers behind these products — with quoting, compliance, and back-office support.

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