Term Life Insurance
Term life insurance provides coverage for a number of years at a fixed rate of payments. Term life insurance is typically purchased in durations of 10, 15, 20 or 30 years. If the insured were to pass away during the term, the beneficiary would receive the death benefit. At the end of the term, coverage is typically ended. Term life policies do not have a cash value.
Why choose term insurance?
– Low-cost coverage
– Great for insurance needs that are temporary
– Get the most insurance for your premium payments
Return of Premium Term Life Insurance
Some insurance companies offer a term life insurance policy with a return of premium rider. This rider comes with an additional cost, but allows for the insured to receive all of their premium payments back if they outlive the term. These policies are commonly purchased with 20 or 30 year terms.
Universal Life Insurance
Universal life insurance is a flexible type of coverage which is intended to provide permanent insurance. Universal life policies have a cash account which can accumulate if premium payments are made in excess of the cost of insurance. This cash account also has an interest rate attached to it which creates a savings account like feature. Universal life policies have the flexibility to adjust premium payments, pay premiums with the cash value, and take a loan on the policy value.
Why choose universal life?
– Ability to provide coverage for a permanent need
– Ability to lock in a level premium for life
– Lower cost permanent insurance than whole life
Whole Life Insurance
Whole life insurance is a permanent life insurance coverage which has the ability to accumulate a cash value which can be borrowed against or redeemed. Whole life policies are designed to have a fixed death benefit amount with a level premium. Many whole life insurance policy owners receive dividends (not guaranteed) from the insurance company’s income. It is common for whole life insurance policies to provide paid up insurance at age 100, which at that time additional premium payments are not needed.
Why choose whole life insurance?
– Ability to have a level premium for life
– Ability to receive dividends
– Ability to borrow against policy If you are interested in any of these policies, please contact us.