Navigating Life Insurance

Term Life Insurance

Term Life insurance is life insurance that you pay for during a specified length of time or term – generally 1-30 years or before a specified age. It is only payable if death of the insured occurs within the specified time. You select the amount of the death benefit or face amount to meet your needs. 

 

Premiums, or payments, which can be the same amount or increase with time, must be made monthly, quarterly, semi-annually, or annually. If you die during the term of coverage, the face amount of your policy will be paid to your beneficiaries. Term insurance policies do not accumulate cash value and therefore usually offer lower premiums than other life insurance products with the same face value.

 

Renewable Term Insurance is insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination.


Universal Life Insurance

Universal Life is permanent insurance that has the potential to accumulate cash value. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy.

 

It also offers additional features and options. For example, you can increase or decrease your policy's face amount to accommodate your changing protection needs. You can also increase or decrease the dollar amount of your premium payments and make additional lump sum payments to your policy. Since a Universal Life policy accrues cash value, you can borrow against this cash value for any purpose.


You have the option to skip premium payments if your account has accrued sufficient value because the premiums will be taken from the accrued value. A Universal Life policy also has the potential to earn a higher rate of return than a whole life policy, although there is a risk that your rate of return could drop.


Whole Life Insurance

Whole Life Insurance is life insurance that you own and pay for your entire lifetime. The amount of the death benefit or face amount can be selected to meet your needs.


Premiums, or payments, are fixed and can be paid monthly, quarterly, semi-annually, or annually. As more premiums are paid, your policy accumulates a cash value that grows on a tax deferred basis. In essence, whole life is like buying a house versus renting it. The monthly cost is higher than it would be for a term life policy, but with each payment you make you gain equity.

 

You can borrow against a Whole Life policy for any purpose. Loans, however, require you to pay interest and any borrowed amount you do not pay back is deducted from the payout to your beneficiary at the time of your death.


Final Expense Insurance

Your family means the world to you. The last thing you want is to leave them with major expenses after you’re gone.

 

Final Expense insurance is life insurance that helps provide the money they may need to pay medical bills, funeral expenses, legal fees or unpaid bills. It is an insurance policy that lets you decide how your assets are distributed.

 

By planning ahead, you can help protect your loved ones from unnecessary financial stress when you die. And, you can distribute your assets in the manner you decide!

 

Living Benefits Rider

A Living Benefits Rider is attached to a life insurance policy providing long term care for the terminally ill.

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