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Individual & Family Life Insurance

Life insurance is a tool that is used to protect your family, business, and assets in the event of an untimely passing. There are a number of different Life Insurance products available – the right product will depend on your individual needs and your stage in life. We have provided brief descriptions of the most common types of life insurance to help you in the decision making process.
 

Term Life Insurance

Term life insurance is perhaps the most basic form of life insurance. It usually provides affordable protection, often with a guaranteed premium, for some period of time. If the insured should die while the policy is in force, the face amount is paid to the named beneficiary. At the end of the premium guarantee period, the insured can renew the coverage at a higher premium. The premium for term life insurance is initially lower than a comparable permanent insurance policy; however, it can increase at each renewal. This initial lower premium usually makes term insurance an ideal choice for individuals with a temporary need for life insurance protection.
 

Whole Life Insurance

Whole life is permanent insurance protection that protects you for your whole life, from the day you purchase the policy until you die, as long as you pay the premiums.  Whole life can be a solid foundation upon which to build a long-term financial plan because it guarantees lifetime protection for your family or business.  Whole life insurance provides basic insurance protection, plus.
  • Mortgage protection: Benefits can be used to help pay off mortgages and other outstanding debts in the event of a premature death.
  • Estate preservation: Whole life insurance can provide funds to cover estate expenses and help avoid the need to sell assets and or borrow money to cover these expenses.
  • Retirement funding: Cash values can be accessed through policy loans or surrenders to supplement a retirement income. Loans will reduce the death benefit.
  • Charitable giving: A whole life insurance policy can enable you to make a significant donation to your favorite charity upon your death.
  • Business needs: Whole life can be an attractive executive and employee benefit and a means to assure a business's financial future.

Universal Life Insurance

Life insurance is a tool that is used to protect your family, business, and assets in the event of an untimely passing. There are a number of different Life Insurance products available – the right product will depend on your individual needs and your stage in life. We have provided brief descriptions of the most common types of life insurance to help you in the decision making process.
  • Flexible Protection: Universal life products give you the flexibility to choose the amount of protection that best suits your family or business. It allows you to increase or decrease coverage as insurance needs change. Increased coverage may be subject to underwriting requirements. You may not decrease your coverage below the required minimum. A decrease may result in a surrender charge being applied against the policy's cash value.
  • Flexible Premiums: With universal life insurance, you control the amount and frequency of payments. Looking towards the future? You have the option to increase the premium or make lump sum contributions, subject to limits as specified in the policy. The extra dollars grow tax-deferred, and may increase the cash and death benefit values. On the other hand, in a temporary cash crunch, you can pay less than the scheduled premium and let the policy's accumulated cash value pay the remainder of the monthly charges.
  • Flexible Design: Universal life products can be customized with innovative policy features to fit your lifestyle. Contact a Benefit Advisor today to learn more about how universal life policy riders can protect your spouse and children, protect your ability to pay premiums during disability, and increase the benefit to your family if you should die accidentally.

Variable Universal Life Insurance

VUL offers permanent insurance protection, usually through age 95. Simply put, this means that as long as you meet the policy costs, you are guaranteed protection. Some term insurance products periodically require proof of insurability to continue coverage. While there are term products that can cover you for life without additional requirements, their rising costs can make them prohibitive.  Additionally, while all term insurance is purchased with after-tax dollars, VUL has the potential to satisfy its policy costs with pre-tax dollars (policy's cash value accumulates on a tax-deferred basis), further strengthening the VUL strategy.