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What is Life Insurance?

Life insurance pays out a sum of money either on the death of the insured person or it can pay out a sum of money on a qualifying life event such as a heart attack, stroke or cancer. Ask one of our Licensed Insurance Representatives about the “new” life insurance with Living Benefits!

Common Types of Life Insurance

Term Life Insurance

• Term insurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant “term”. Term insurance is like renting an apartment, you keep it for the contracted period of time. Generally it’s used to protect the mortgage, income replacement or a large loan such as college loans. Term is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
• After that period expires, coverage at the current rate of premiums are no longer guaranteed and the client must either let the coverage end or extend it up to age 95 (if that option is available) with an increase in premiums that continue to increase annually. The death benefit is paid to the beneficiary(s) and is tax free generally and does not go through probate. Ask about the Living Benefits

Whole Life Insurance

• Whole life insurance is a life insurance policy that stays in force for the insured’s whole life as long as premiums are paid. Whole life policies grows cash value accumulated over the term of the policy that can be used as savings or to be borrowed against if you need the money while you are alive. Some whole life policies pay an annual dividend which can be allocated to increase the death benefit or paid back to the insured. The death benefit is paid to the beneficiary(s) and is tax free and generally does not go through probate. Ask about the Living Benefits

Universal Life Insurance

• Universal life insurance is a type of permanent life insurance. It has flexible premiums unlike a whole life which has fixed premiums. Universal life insurance premiums help pay the cost of insurance (coi), the cash value and the death benefit. The cash value is accumulated through interest crediting strategies. The universal life offers the potential for cash value accumulation based on positive growth of a market index-upside potential and a guaranteed 0% or 1% floor in the event of a decline in the index (downside protection)

Variable Universal Life Insurance

• Variable Universal Life Insurance is a type of life insurance that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner. The 'variable' component in the name refers to this ability to invest in separate accounts whose values vary—they vary because they are invested in stock and/or bond markets. The 'universal' component in the name refers to the flexibility the owner has in making premium payments. The premiums can vary from nothing in a given month up to maximums defined by the Internal Revenue Code for life insurance.
  
  Contact us to learn more about the right life insurance for you.

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