Term Life InsuranceTerm Life insurance provides death protection for a stated time period, or term. This can be at a guaranteed rate or in some cases a guaranteed rate for a period of time and then a projected rate. Term periods can be for 1,5,10,15, 20 and even 30 years. Suitable for:- Clients that need to cover a larger temporary risk
- Clients that want a low-cost flexible product that can change as their needs change and grow
Benefits of Term Life Insurance- Initial Affordability – Can be purchased in large amounts for a relatively small initial premium
- Meets Short Term Goals – Well suited for short-range goals such as life insurance coverage to pay off a loan, or providing extra life insurance protection during the child-raising years
Whole Life Insurance Whole Life is permanent insurance coverage that guarantees level premiums and the accumulation of cash values. Whole Life insurance is a good choice for long range-goals. There is participating whole life insurance usually issued by a mutual life insurance company where one participates as an owner of the company and there is non-participating whole life insurance issued by a stock life insurance company. Suitable for:- Clients with long-range goals
- Clients who might need access to cash temporarily or for emergencies
Benefits of Whole Life- Guaranteed Cash Values- A portion of the money paid into a whole life policy accumulates as guaranteed cash values. Therefore, if the policy is surrendered, these guaranteed cash values would be available to the client. Or, as long as the policy is in force, the client may borrow against them as a policy loan at the current policy loan interest rate.
- Premiums level and payable for life- Since premiums are level, the younger your client is when they purchase the policy, the less expensive the annual premiums will be.
- Dividends- Whole life insurance policies can earn dividends. Dividends result when the actual life insurance costs turn out to be less than assumed when setting the premiums.
Universal Life Universal Life Insurance is a flexible-premium, adjustable benefit life insurance policy that accumulates account value. Premiums and values are based on projections of assumed interest rates, the cost of insurance and the insurance company’s expenses. Suitable for: Benefits of Universal Life: Flexibility- You can adjust the death benefit and premium payments to fit your clients' needs Tax-Deferred Account Growth- The policy’s Account Value earns interest at the company’s current interest rate; federal income tax deferred. The current interest rate is guaranteed to be at least 4% a year
Variable Universal Life Insurance VUL is a type of life insurance, that builds a cash value. In a VUL, the cash value can be invested in a wide variety of separate accounts, similar to mutual funds, and the choice of which of the available separate accounts to use is entirely up to the contract owner. The 'variable' component in the name refers to this ability to invest in volatile investments similar to mutual funds. The 'universal' component in the name is used to refer to the flexibility the owner has in making premium payments. The premiums can vary from nothing in a given month up to maximums defined by the IRS code for life insurance. Suitable For: Benefits of Variable Life Insurance
Some of the Life Insurance Carriers We Could Represent: |