Life Insurance Life insurance is the perfect way to provide for your loved ones when you’re not around. The money they receive can be used to help pay for expenses, loss of income, debts, educational needs, mortgage payments, and more.At OneCommonwealth Financial Group, we answer questions like: How much insurance do I need? and What types of insurance are suitable for my situation? Our Financial Services Professionals are both knowledgeable and passionate about finding a strategy that’s appropriate for you.There are two types of Life Insurance:Term Life Insurance – Term life insurance provides guaranteed death benefit protection for a specific number of years at affordable premiums that will never change. Many term life policies allow you to convert all or some of your term coverage to permanent life insurance—without evidence of insurability.Permanent Life Insurance – Permanent life insurance provides death benefit protection while building cash value you can access to help meet goals during your lifetime. An important part of a sound financial plan, permanent life insurance can help you do more throughout your life.Term Life InsurancePermanent Life InsuranceTerm Life InsuranceTerm insurance is an affordable coverage that offers protection for a specific number of years. Many people choose to supplement their permanent insurance with term insurance.Highlights of Term Life InsuranceGet the most amount of coverage at affordable pricesCover specific items like house payments or educational expensesSupplement permanent life insurance as neededPermanent Life InsurancePermanent life insurance is lifetime coverage with a potential to build equity (cash value), and has more options for flexibility.Types of Permanent Life InsuranceWhole Life Insurance - fixed premiums, guaranteed death benefit, and cash value growth.Universal Life Insurance - flexibility to change payments, premiums and death benefit options.Variable Universal Life Insurance - flexibility to change payments, premiums and death benefit; option to take investment risks in return for a possible higher cash value.Survivorship Life Insurance - provides a benefit to beneficiary after one person passes away.All guarantees are based upon the claims-paying ability of the issuer. Variable Universal Life products are subject to market fluctuations and may lose value.