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Types of Life Insurance
There are several types of life insurance policies available to you today: Term Life, Universal Life, and Whole Life. Each policy type has different benefits and features which can be tailored to your specific insurance needs.
A type of life insurance that is designed to remain in force for the life of the insured. Whole life requires that level premiums are paid every year, but it has the benefit of accumulating cash values and provides the possibility for dividend payments. Whole Life is most often purchased for estate planning, executive compensation, asset accumulation, and retirement planning.
A type of life insurance that covers the insured’s life for a specified period of time (term). Term policies pay a death benefit only if the insured dies during the term period and if the premium payments have been paid current. Typical term coverage periods are: 5, 10, 15, 20, 25, 30 & 35 years. Term insurance does not build up cash value. However, because of its low-cost Term Life Insurance allows you to purchase life insurance at an inexpensive price while saving and investing the difference in premium.
Indexed Universal Life
A flexible-premium and adjustable death benefit life insurance policy. Policy performance is determined by current interest rates and current costs of insurance. Universal life has the added features and benefits of accumulating cash value and the ability to take loans. Universal life is popular as a long term form of insurance because of the flexible premium payment options and forced savings account. Universal Life is most often purchased for estate planning, executive compensation, and retirement planning purposes.