Many people think that life insurance is only for people with families. While it is true that life insurance can help provide for the needs of dependents, life insurance also can be an important part of a well-thought-out estate, business succession or charitable giving plan. And permanent life insurance offers many living benefits as well, such as tax-deferred cash value accumulation. For all of these reasons, life insurance can be important for someone starting out – or for someone who’s starting over.
Whole Life – Whole Life insurance is also known as permanent insurance. You receive coverage for your entire life, as long as premiums (which are a set amount per period) are paid. Whole life policies accumulate cash value tax-deferred.
Term Life – Term Life policies provide coverage for a specific amount of time – such as 5 years, 10 years or 20 years. Term premiums are often less expensive than whole life premiums, but once the term of the policy is complete, coverage terminates. There is no accumulation of cash value.
Universal Life – Like Whole Life, Universal Life is a permanent insurance policy, which means that it covers you for your entire life, as long as premiums are paid. Universal life, however, offers you flexibility that enables you to change your premiums and death benefit as your needs change.
Variable Universal Life – Variable Universal Life combines the premium and death benefit flexibility of a Universal Life policy with investment opportunities. You can allocate your premium amongst a variety of professionally managed investment divisions plus a fixed account. Assets allocated to the investment divisions are subject to market risk and may lose value. Of course, with investment opportunities comes risk along with the potential for reward.
Survivorship Life – Survivorship life insurance – available as whole life, universal life or variable universal life# – covers two people and provides payment of the proceeds when the second insured individual dies. Survivorship life insurance is often used to help meet estate planning or business continuation goals.
Annuities – An annuity is a unique financial vehicle designed to help you accumulate money for your retirement and/or turn a lump-sum of money into a guaranteed stream of income payments.
Deferred annuities offer the advantage of tax-deferral and can be used to accumulate money for retirement.
You can use the articles below to help you learn more about which annuity might be right for you.
Variable Deferred Annuities# – A Variable Deferred Annuity offers the advantage of tax deferral and can be used to accumulate money for retirement. The policy’s accumulated value – and sometimes the amount of monthly annuity benefit payments – fluctuates with the performance of your investment account. There are fees, expenses and risks associated with the contract. Please be aware than assets allocated to the investment divisions are subject to market risks and will fluctuate in value.
Fixed Interest Deferred Annuities – With a Fixed Interest Deferred Annuity, the interest rate on your policy is guaranteed never to fall below a certain amount. For many people, this provides a measure of security about their investment.
Income annuities are used to generate a stream of income payments that is guaranteed to last for as long as you need it to – even for the rest of your life.
Lifetime Income Annuities – An income annuity where income payments begin immediately – one period after the annuity is puchased. It is designed to provide you with predictable income monthly, quarterly, semi-annually or annually, no matter how long you live, and regardless of how the financial markets perform.
Long Term Care Insurance – Long-Term Care Insurance is still a relatively new type of insurance product. Many people do not understand what long-term care insurance policies cover, how and when the policies pay benefits, and who should obtain coverage.
Other Products – Follow this link to information about other products, such as Disability Income Insurance, Individual and Group Health Insurance products.
Need a little help in deciding which products would be right for you and your family? Please do not hesitate to contact us for additional information. We can help you analyze your needs and recommend appropriate products.