Term insurance is a life insurance policy that protects the insured for a specific time (term) frame. Often the premium and the amount of protection (life insurance amount) will be guaranteed for the length (term) of the policy. The options for term insurance vary from a one year, 5, 10, 15, 20 25, or even a 30 year guaranteed policy.
Benefits of Term Insurance: The premium will be much less than the cost of permanent whole life insurance. You will be able to buy a much higher amount of life insurance with a term policy compared to permanent life insurance. Please note, buying life insurance depends on numerous variables.
Potential Pitfall: Term insurance only offers protection for a preset length of time. For example, if you are age 30 and purchase a 20 year term insurance policy your coverage will expire at age 50.
Summary: Term insurance is extremely useful and relevant in numerous circumstances for most people. Again, we always encourage you to call our office to discuss your personal life insurance needs and wants so we may offer you the right type of life insurance for your unique situation. We welcome your questions at any time about term insurance.
Ten Most Sited Reasons to Buy
Term Life Insurance
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Five Key Reasons to Purchase Whole Life Insurance
Whole Life Insurance Overview
Term Life Insurance Overview
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Benefits of Whole Life Insurance: Coverage protects you for your entire lifetime as long as you fulfill the payment obligations. Whole life insurance builds "cash value" which ultimately may be used, combined with dividends, to help pay all or part of the premiums due in later years.
Potential Pitfall:Whole life insurance is much more expensive than term life insurance. This higher premium may result in buying less life insurance coverage than you may need.
Summary: There is absolutely a time and a place to purchase whole life (permanent) life insurance. Again, we always encourage you to call our office to discuss your personal life insurance needs and wants so we may offer you the right type of life insurance for your unique situation.
Understanding Term, Whole Life, Indexed, Variable & Guaranteed Universal Life Insurance
Guaranteed Universal Life Overview
Variable Universal Life Overview
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Indexed Universal Life Overview
Benefits of Indexed Universal Life: Indexed life is a permanent life insurance policy. The policy builds cash value over time. The policy's cash value's growth is determined by the company's growth and annual dividend. Indexed Universal Life offers an alternate retirement plan offering tax-free loans.
Potential Pitfall:Indexed Universal Life Is a more sophisticated product and harder to understand. Projected returns are not guaranteed.
Summary: Indexed Universal Life insurance certainly has a place for certain people and specific times in their lives. We welcome your questions about Indexed Universal Life.
Benefits of Variable Universal Life: Similar to Indexed Universal Life in the sense that it is made up of life insurance and cash accumulation with various fund allocation options. The policy owner makes the financial allocation decisions.
Potential Pitfall: Unless you are an active, astute investor, this is a policy that we do not offer very often.
Summary: Again, we urge you to call our office to help with any confusion you may have regarding the numerous life insurance options available.
Benefits of Guaranteed Universal Life: The guarantees offered in Guaranteed Universal Life are the primary differences when compared to Indexed Universal Life and Variable Universal Life.
Potential Pitfall:Many Guaranteed Universal Life policies do not build cash values.
Summary: As with all our advice, with the numerous options available to our clients, we strongly urge you to contact our office for a free consultation about your specific insurance needs.