There are many different types of life insurance policies available. The way we have understood the life insurance industry has progressed. Although there are various insurance types, in simplest form insurance policies can be categorized in two components, term and permanent. While both term and permanent policies provide a death benefit, there are a variety of different features between the two.
Individual & Families Indexed Universal Life
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Indexed Universal Life
- Flexible premium
- Flexible death benefit
- Tax deferred growth
- Cash value growth potential based on an mirroring method of an index market, such as the S&P 500
- Downside protection, the policy is not directly invested in the stock market, thus reducing risk.
Ideal for individuals with longer growth horizon, but are focused on building cash value for supplemental retirement income or lifetime needs.
Term Insurance
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Term Insurance
- Fixed premium
- Guaranteed death benefit for a fixed period
- Most affordable in the beginning, however, becomes expensive to keep after fixed period is over.
- No cash value
Ideal for individuals with temporary or large protection needs on a fixed budget.
Individual & Families Universal Life Insurance
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Universal Life Insurance
- Flexible premium
- Flexible death benefit
- Builds cash value at a current interest rate set by the insurance company
Ideal for individuals who want flexibility and assurity with a current interest rate.
Individual & Families- Whole Life
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Whole Life
- Guaranteed death benefit
- Higher premiums that are level but guaranteed not to increase
- Guaranteed cash value
- Generally need to pay premiums to age 100
Ideal for individuals who want flexibility and assurity with a current interest rate.
