Many people instantly think of covering final expenses as a reason for purchasing life insurance. It is true that life insurance can provide death benefit protection that passes to beneficiaries generally income tax free, but it can do so much more. Life insurance can help provide your beneficiaries with financial protection should you die prematurely. However, there are several other benefits that a life insurance policy can provide such as: Annuity Maximization, College Funding, Estate Planning, Legacy Building, Pension Maximization and more. Contact us today to see which plan is right for you.
Types Of Life Insurance
Term Life Insurance
Term life insurance policies provide affordable, temporary coverage. Term policies contain no cash value and are designed for death benefit protection only. The premiums may be level for the first 10, 15, 20 or 30 years, depending on the policy selected. Because the death benefit protection is for a limited period, the premium is often the lowest of all types of life insurance policies. However, after the level term period, premiums may go up significantly and can increase annually.
Whole Life Insurance
Whole life is the traditional form of permanent life insurance. It provides the certainty of level premiums, a guaranteed interest rate and a guaranteed death benefit. Whole Life provides the extra security of guaranteed protection at affordable rates, yet it includes the element of cash value accumulation.
Universal Life Insurance
Universal life is a flexible premium, adjustable life insurance product that provides you with the flexibility of choosing the policy features that are appropriate for you and adjusting those features as your financial priorities and needs change. Policy cash value that grows on a tax-deferred basis.
Indexed Universal Life
Indexed universal life is a version of universal life that combines death benefit protection with the opportunity to grow cash value through an account that credits interest based upon the upward movement of stock market indexes ñ without the risk of investing directly in the market. The Index Account features a zero percent floor which guarantees your account won’t earn less than zero percent due to poor market performance.