LIFE INSURANCE

Life Insurance is one of the most valuable assets of an individual, business, or estate. There are two broad categories of life insurance: term and permanent. Both provide an income tax-free death benefit to be paid to the beneficiary when the insured dies.

Term insurance provides this death benefit for a stated period of time, such as 10, 20, or 30 years, while permanent insurance is intended to remain in effect for the entire life of the insured.

Life insurance can also provide “living benefits;” these living benefits can provide you tax-free cash reserves, retirement income, long-term care protection, and other financial resources to enjoy while you are still alive. There are many different types of products and each insurance company has their own product line with various features and benefits.  

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Determining the types of coverage you need is different for every person. Our experienced Wealth Advisors will help guide you through your options.

Term Life

Term life insurance policies offer fixed premiums for set periods of time, such as 10, 20, or 30 years, and if you die during that time period, the death benefit is paid to your beneficiary. While this is an inexpensive way to protect your family or business from a premature death, you are actually “renting” your death benefit coverage. Also, term insurance typically does not have a savings component.

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Whole Life

Whole life insurance is a permanent policy. As long as premiums are paid, it is guaranteed to provide a death benefit and cash accumulation inside the policy. This growth is based on the dividends awarded by the insurance company which, in turn, are based on the investment portfolio of the insurance carrier.

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Universal Life

Universal life insurance is a permanent policy.  These policies offer flexible premium schedules (you can even miss one) and flexible death benefits. They can also accumulate cash value based on a guaranteed and non-guaranteed crediting rate; this rate is determined by the insurance carrier’s investment portfolio.

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Variable Life

Variable universal life insurance is a permanent universal policy. Unlike all other life insurance policies, the insured can allocate premium dollars into separate sub-accounts which may include stocks, bonds, bond funds, equity funds, and money market funds. The upside for cash value growth is very large but can come at a significant risk when investments do not perform.

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Indexed Universal Life

Indexed universal life is a permanent universal policy and a hybrid of Variable Universal Life Insurance and Universal Life Insurance. It allows you to obtain crediting for your cash value based on the performance of a market index, such as the S&P 500, and without the risk of negative investment returns.

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