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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.

Life Insurance Calculator

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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