Life Insurance
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How much will Term Life Insurance cost? |
Life insurance can help you make sure your family is provided for, your children educated and their futures more certain. It gives you the peace of mind you only get from knowing that you’ve protected your loved ones.
Types:
Term Insurance
Term life insurance is the simplest form of life insurance. It provides affordable protection for a specific period of time at a scheduled premium level. Premiums may increase at the end of the term. You choose a dollar amount of coverage, a term (usually 5, 10, 15, or 20 years) and name a beneficiary.
Term
insurance can help you meet
a number of personal and business
needs and is often a good choice:
- when life insurance is essential but dollars are scarce
- for a well-defined period of time
- to protect your family (insurance benefits can help pay a mortgage or fund a child’s education)
- to protect your business (benefits can ensure business continuation by helping to cover business expenses)
Whole Life Insurance
Whole life insurance is a permanent policy that remains in effect from the day you purchase it until you die, as long as the premiums are paid.
The policy’s death benefit can be used for:
- Survivor needs
- Mortgage protection
- Wealth transfer
- Charitable giving
- Business needs
Universal Life Insurance
Universal Life insurance is a flexible life insurance policy that combines the benefits of permanent life insurance protection and cash values with the convenience of adjustable premiums and payment schedules. And, within a Universal Life insurance policy, cash value accumulations grow tax-deferred at competitive interest rates.
Generally less expensive than other permanent life insurance but more expensive than term insurance, Universal Life gives you the flexibility to choose the amount of protection that best suits your family or business, and it enables you to increase or decrease your coverage as your business or personal insurance needs change.
Variable Universal Life
Variable Universal Life insurance is a type of permanent life insurance that provides a death benefit in exchange for premium payments. It is designed for those who want life insurance protection but are also investment-minded and desire the potential for greater cash value accumulation than generally available in a fixed insurance product. Through the investment options you select, a VUL policy has the potential for tax-deferred cash value accumulation, however, any assets allocated to the underlying funds are subject to the market risk and will fluctuate in value. VUL policies are sold by prospectus only.
The cash value that accumulates in permanent life policies can be accessed during your lifetime through a policy loan and used for:
- Supplementing retirement income
- College tuition expenses
- A down payment on a home
- Emergency and other needs
Loans against your policy decrease the death benefit and cash value.
Small Business Plans
As a small business owner you are responsible not only for the welfare of yourself and your family but for many others as well, including partners, employees and customers. Whether you run your business out of your home or from an office, factory or warehouse, a well-conceived insurance and benefits program is essential.
It can help protect your family and your business if you die or become disabled. It can help you bridge an important gap if one of your key employees dies or leaves the business. It can assist you in attracting and retaining the best talent. And depending on the size of your company, it can even offer an innovative way for you to compensate your most valuable team members. These plans include buy-sell agreements, key person insurance, employee benefits and executive compensation.
