|
|
Low Cost Life Insurance for Individuals and Families
Term Insurance
Term Life insurance provides protection
for a particular term or length of time. Typical term periods are 5, 10, 15, 20, 25, & 30
year periods. The term policy will pay the death benefit if you die within the term period. Term insurance is
the lowest premium life insurance available which allows you to purchase the most coverage at a very affordable price.
Term insurance does not build cash value as is the case with permanent insurance (whole life or universal life).
Whole Life Whole Life is the most common type of permanent insurance. The
premium will never increase as you get older, the death benefit is guaranteed never to decrease and as long as the policy
remains in force it will provide you with lifetime protection. In a whole life policy a part of each premium is set
aside in a cash value account that grows on a tax-deferred basis over the life of the policy. Cash values are available
to you any time in the form of a policy loan or withdrawal. Universal Life combines the advantage of low cost term insurance with a cash value account that grows at current market interest rates. Universal Life is a very flexible insurance plan concerning the amount of premium you want to spend, the amount of coverage you need and you can choose a level death benefit or a death benefit that pays your beneficiary the death proceeds plus the policy cash value. The cash value account grows on a tax deferred basis and is available to you any time in the form of a policy loan or withdrawal. You can even deposit money into the cash value account. This insurance plan can provide lifelong protection as long as sufficient premiums are paid. |
