Planning for Tomorrow
Life insurance can be a real life-saver for your spouse, children, business partners or other beneficiaries during an extraordinary time of change. It’s more than just a way to help with the emotional processing that happens when a loved one passes. It’s also a way to protect a family from a financial threat. Funeral costs, medical bills, and other expenses can become insurmountable. That’s why it’s a good idea to have a policy in place – for financial preservation and confidence.
Life Insurance Quote
Your Life Insurance Options
When you’re looking for life insurance, you can choose between two main types of policies: term and permanent life insurance policies work in different ways to protect beneficiaries.
Whole Life insurance is also known as permanent insurance. You receive coverage for your entire life, as long as premiums (which are a set amount per period) are paid. Whole life policies accumulate cash value on a tax-deferred basis: they can grow without taxation until the money is disbursed.
Insurance Products: 1) are not a deposit or other obligation of or guaranteed by, any bank or bank affiliate; 2) are not insured by the FDIC or any other federal government agency, or any bank or bank affiliate; and 3) may be subject to investment risk, including possible loss of value.
Term Life policies provide coverage for a specific amount of time – such as 5 years, 10 years or 20 years. Term premiums are often less expensive than whole life premiums, but once the term of the policy is complete, coverage terminates. There is no accumulation of cash value.
Insurance Products: 1) are not a deposit or other obligation of or guaranteed by, any bank or bank affiliate; 2) are not insured by the FDIC or any other federal government agency, or any bank or bank affiliate; and 3) may be subject to investment risk, including possible loss of value.
Like Whole Life, Universal Life is a permanent insurance policy, which means that it covers you for your entire life, as long as premiums are paid. Universal life, however, offers you the flexibility that enables you to change your premiums and death benefit as your needs change.
Insurance Products: 1) are not a deposit or other obligation of or guaranteed by, any bank or bank affiliate; 2) are not insured by the FDIC or any other federal government agency, or any bank or bank affiliate; and 3) may be subject to investment risk, including possible loss of value.
Variable Universal Life policies add a dimension to Universal Life policies – with these variable policies, those who are paying in can invest in different funds or other “vehicles” – which is a great idea if you’re the type who likes to read the stock page or get tips for the newest hot mutual fund. A variable policy makes it possible to trade on the value of the policy in the open market.
Variable life insurance products are long-term investments and may not be suitable for all investors. An investment in variable life insurance is subject to fluctuating values of the underlying investment options and it entails risk, including the possible loss of principal. Variable Universal Life insurance combines the protection and tax advantages of life insurance with the investment potential of a comprehensive selection of variable investment options. The insurance component provides death benefit coverage and the variable component gives you the flexibility to potentially increase the policy’s cash value.
Survivorship life insurance – available as whole life, universal life or variable universal life – covers two people and pays out when the second insured individual dies. Survivorship life insurance is often used to help meet estate planning or business continuation goals.
Insurance Products: 1) are not a deposit or other obligation of or guaranteed by, any bank or bank affiliate; 2) are not insured by the FDIC or any other federal government agency, or any bank or bank affiliate; and 3) may be subject to investment risk, including possible loss of value.
Think about getting any of these types of life insurance policies to enjoy confidence in your family’s financial future and build assets intelligently as you age.