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Life Insurance

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What is Life Insurance and Why Do I Need It?

Life insurance is a way for you to provide money to the people you love in the event of your death. At its foundation, it is an agreement between you and a life insurance company, like Catholic Financial Life. You agree to pay premiums, and we agree to provide you with insurance coverage upon your death. Think of it as a subscription service: as long as you pay premiums, you will be covered. Learn more about the different types of life insurance.

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Term Life Insurance vs. Permanent Life Insurance

Term Life Insurance Icon

  • Lasts for a set period (10, 20 or 30 years)
  • Less expensive
  • Simple policy: You really only need to know three things: the term, the premium and the death benefit
  • Premiums might not be fixed (example: renewable term)

Often Used: While your kids are young or for mortgage protection

Types of Term Life Insurance

  • Term Life Insurance for Children (TLC)
  • Term Life Insurance

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Permanent Life Insurance Icon

  • Last for life as long as the premiums are paid
  • More expensive, but not unreasonably so
  • Premiums are normally fixed
  • Pays benefit no matter how long you live
  • Cash value can be taken out as loans*
  • Cash value grows tax deferred*

Often Used: As part of your estate plan

Types of Permanent Life Insurance

  • Whole Life Insurance - Traditional Life Insurance
  • Universal Life Insurance - Flexible premiums and coverage as your life changes
  • Final Expense Insurance - Guaranteed acceptance to help cover your final expenses

Learn More

* Cash value loans and withdrawals reduce the death benefit of the policy and are subject to interest and taxes.

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Products are not available in all states. Catholic Financial life is not licensed in all states. Nothing contained herein should be construed as a solicitation for insurance, financial products or annuity products in any state in which Catholic Financial Life is not licensed.

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