Life policies

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Life insurance is a crucial step in planning for your future and the future of your loved ones. It can fulfill promises made to your family if you are no longer around by providing a death benefit to your beneficiaries in return for premiums paid to the insurance company. Life insurance can also provide benefits while you are living.

Advantages of the Death Benefit

• Life insurance provides income tax-free money to your named beneficiary(s) that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need you leave behind.
• Life insurance can provide business security by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.

Advantages of Living Benefits

The cash value growth of a permanent life insurance policy is tax-deferred¹, which means you do not pay taxes on the growth of the cash value unless the money is withdrawn.

Loans² or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.

Types of Life Insurance - Term Life Insurance

• Term life insurance policies cover you for a specific period of time - some as short as one year.
• Term life insurance pays (unless there are claims issues) beneficiaries if you die during insured time period.
• Term Life insurance isn't subject to federal or state income taxes to your beneficiary.
• Term Life insurance is cheap to purchase when you’re young, but more expensive to purchase if you buy it when you’re older.
• Though you can usually renew your term life insurance, there is potential for a huge risk if you get sick during the term.
• If you get sick, you may still be able to buy a policy, but often at startlingly high prices.
• If you want to continue renewing the policy, be sure to ask your life insurance agent what the premium will be.
• When you reach a certain age, some term life insurance policies revoke the right to renew. Be sure to ask your life insurance agent about this.

Yearly Renewable Term Life Insurance

• Coverage for a longer term (20 years, for instance)
• Costs of policy are spread out over time
• No big increases in annual premium

• Life Insurance is renewable annually
• Option to convert to a permanent life insurance policy is available
• Typically has lowest cost and highest death benefit
• Risk for being dropped or premiums skyrocketing in the event of sickness is higher

Cash-Value life insurance policies are run differently than term life insurance. They cover you for your whole life, rather than just a part, as in term life insurance. Since purchasers of whole life insurance are guaranteed to take up on their policy eventually, premiums are higher in the beginning so that the funds can be invested. As with term life insurance, there are different variations on Cash-Value life insurance policies.

Whole Life / Ordinary Life Insurance

These life insurance policies will accumulate cash value over time, like a life insurance policy with a savings account attached. The premiums are set at the time of life insurance purchase and never change.

• Permanent life insurance coverage.
• Premium amount determined by purchaser's age and health at time of purchase.
• Cost of life insurance policy is spread out over your entire (expected) life.
• As policy accumulates cash value, you may take this cash out or borrow against it.

• Permanent coverage.
• Substantial changes to coverage usually require a doctor’s visit and a bill of clean health.
• Universal Life Insurance gives the owner of the policy a great deal of control over the policy.
• Investment grows in a tax deferred status.

Variable Life Insurance is a combination of Whole & Universal coverage. The death benefit is dependent on the insurance company’s success with the investments you choose (bonds, stocks, or money markets). With successful investments, the cash value and death benefit of your policy will increase.

• Permanent coverage.
• Most won’t let your death benefit drop below a certain amount.
• For a guaranteed death benefit, you may be charged. Ask before signing anything.