Life Insurance

Compass Health and Wealth is here to help you protect your loved ones with life insurance that provides financial security today and lasting peace of mind for the future.

The Importance of Life Insurance

Life insurance helps provide financial protection for the people you care about. Depending on the policy, it can help replace income, pay debts and final expenses, support long-term financial goals, or leave a legacy.


The right coverage depends on your family, finances, and plans for the future.

Types of Life Insurance

Different types of life insurance serve different needs:



  • Term Life: Affordable coverage for a set period, such as 10, 20, or 30 years.
  • Whole Life: Lifelong coverage with fixed premiums and guaranteed cash value growth.
  • Universal Life: Permanent coverage with greater flexibility in premiums and benefits.
  • Final Expense: Coverage designed to help with funeral and other end-of-life expenses.

Permanent Life Insurance

Permanent life insurance provides lifelong protection while building cash value over time. Depending on the policy, that value may provide an additional financial resource during your lifetime.



Permanent coverage can be used for legacy planning, final expenses, financial protection, or other long-term needs. Whole life offers greater predictability, while universal life provides more flexibility.

Choosing the Right Coverage

The right policy depends on what you want your life insurance to accomplish. Term coverage may be appropriate for temporary needs such as income protection, while permanent insurance can support lifelong protection and longer-term financial goals.



We can help you compare your options and choose coverage that fits your needs, goals, and budget.

Life Insurance Frequently Asked Questions

  • What does “lifelong value” mean?

    “Lifelong value” means two things:


    1. The protection stays with you for life (as long as you keep the policy active by paying premiums). It does not expire or require renewal like term policies do.

    2. With whole life, cash value builds automatically at a guaranteed rate. With other types of permanent insurance, growth depends on interest rates or market performance.

    In both cases, you can access the policy’s value while you’re still alive—typically through loans or withdrawals.

  • What happens if I stop paying my life insurance premiums?

    With most term life insurance, coverage will end if required premiums are not paid and after a grace period has passed. With permanent life insurance, available cash value or policy features may help keep coverage active for a period of time, depending on the contract. If sufficient value is not available, the policy will eventually lapse.

  • Is the death benefit from life insurance taxable?

    Life insurance death benefits paid to a beneficiary are generally not subject to federal income tax. However, some types of interest paid can be taxable, and other tax rules may apply depending on the policy's ownership and circumstances. For tax or estate-planning questions, consult a qualified tax or legal professional.

  • Will my life insurance have to be used to pay off outstanding debts?

    In most cases, no. Life insurance proceeds are paid directly to your named beneficiaries — not to creditors — and are generally not part of your estate. That means your loved ones receive the full benefit, even if you have debts like student loans or credit card bills.

    However, if the named beneficiary is your estate (instead of a person), or if you don’t name a beneficiary, those funds may go through probate and could be used to pay off debts.

    To avoid complications, always keep your beneficiaries up to date, and think carefully about the implications before naming an estate as a beneficiary.