Life insurance is an important part of your business program as well as your personal insurance program. It can be the key to the financial wellness of a surviving business or family.

For your business, following are common types of Group Life Insurance:

Group Life is a policy that is available to all employees often without health underwriting. It is a valuable benefit without significant cost. Coverage ceases when employment with the company ends.

Key Man Insurance is a policy that can be purchased by your business to assist the company in the event of the death of a person who is key to your operation.

Buy-Sell is a Life insurance policy purchased on the lives of the principals of your company. In the event of the principal's death, the proceeds would allow the remaining principal(s) to buy out the surviving spouse or assist with continuation of the business after a tragic loss.

Work Site describes Life insurance and/or other insurance products that employees can purchase at their own expense, but with the benefit of group rates and sometimes without health underwriting. Coverage can be continued even if an employee chooses to leave his employer.

For your personal insurance program, following are common types of Individual Life insurance:

Term Insurance is Life insurance for a specific time period that provides protection only. There is no cash value. It is the most economical of those policies listed.

Term Insurance with Return of Premium allows for the return of the premiums you have paid when the Term insurance contract ends. As you would expect, the premium is higher because of this provision.

Universal Life Insurance provides a death benefit and builds cash value as the policy continues.

Whole Life also provides a death benefit, builds cash value, and has a level premium throughout the term of the policy, which could be to age 100.