Some life insurance products combine death protection and savings. These products can be useful during your lifetime, not just after it. They can help you achieve your financial goals through cash value accumulation, which can help with college or retirement savings.

Unlike term insurance, whole or permanent life insurance has no specified term, subject to policy conditions. A whole or permanent life policy accumulates cash value and calls for premiums to be paid for as long as the insured lives. If the insured dies, the death benefit is payable (subject to policy terms). If the policy is surrendered before the insured dies, the cash value is payable (minus any outstanding loans).

Choosing your coverage will depend on your specific needs, desires and circumstances. If you want more information on coverage options, call a benefits specialist at Silas Chapman & Company for a quick no obligation quote and get the answer and the price you're looking for.