Life, Long-Term Care and Annuities
Term Life Insurance
How Does Term Life Insurance Protect You?
Term Life insurance is life insurance that you pay for during a specified length of time or term – generally one to 30 years. You select the amount of the death benefit or face value 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 usually offer lower premiums than other life insurance products with the same face value.
Universal Life Insurance
How Does Universal Life Insurance Protect You?
Universal Life is permanent insurance that has the potential to accumulate cash value. However, it 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 for any purpose.
You have the option to skip premium payments if your account has accrued sufficient 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
How Does Whole Life Insurance Protect You?
Whole Life Insurance is life insurance that you own for your entire lifetime. The amount of the death benefit or face value 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.
Final Expense Insurance
How Does Final Expense Insurance Protect You?
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 you 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 protect your loved ones from unnecessary financial stress when you die. And, you can distribute your assets in the manner you decide!
Annuities
How Does An Annuity Protect You?
An annuity is a contract between you and an insurance company, under which you make a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date. Annuities typically offer tax-deferred growth of earnings and may include a death benefit that will pay your beneficiary a guaranteed minimum amount, such as your total purchase payments.
Unlike retirement plans, however, there is no limit as to how much you can invest in annuities!
