Protecting your loved ones
Life insurance gives you the peace of mind you only get from knowing that you’ve protected your loved ones.
In the event of your passing, life insurance provides money directly to your beneficiaries. They can use the money for whatever they want. Life insurance is also commonly used to fund a buy-sell agreement of a business.
Your financial security could affect your loved ones as much as, or more than, it affects you. Life insurance offers protection from life’s unforeseen risks, and the power to leverage assets so you can accomplish more. Life insurance has tax advantages and flexibilities to help you meet your changing needs. It can provide:
Consider life insurance as an important component of your financial strategy.
Explore the five types of life insurance
- Term Life
- Whole Life
- Universal Life
- Variable Universal Life
- Survivorship Life
Term Life Insurance
Term Life insurance features temporary, cost-effective coverage with the opportunity to change should your needs change.
Term Life insurance provides a cost-effective solution for your temporary life insurance needs and gives you the flexibility to change your policy should your temporary needs turn into permanent goals.
Term Life - For temporary coverage:
Term Life is right for you if you want:
Some things to consider about Term Life:
- There is no cash value accumulation
- Continuing your coverage after the initial level premium-paying term expires can be very expensive
Whole Life Insurance
Whole Life is the simplest form of permanent life insurance. It features lifelong protection with guaranteed premiums, death benefit, and cash value. Whole Life protects you for your entire life unless you cancel the policy.
Whole Life can be right for you if you want:
Some things to consider about Whole Life:
- Premiums are initially more costly than Term Life, but are guaranteed not to increase
- Dividends are not guaranteed
- Loans and withdrawals can reduce the death benefit payout
Whole Life Insurance
Universal Life is a form of permanent life insurance. It can provide affordable guaranteed protection and flexibility. A Universal Life insurance policy provides flexibility that allows you to change, within limits, the death benefit and the timing and amount of your premium. You can build your policy's cash value, or pay a lower premium and focus more on guaranteed protection.
Universal Life can be right for you if you want:
Some things to consider about Universal Life:
- Cash value growth is based on periodically-declared fixed interest rates. Should rates fall, cash accumulation could suffer, and higher premiums may be needed
- Changing your policy's premium or death benefit can affect your policy's performance and guarantees, possibly requiring higher premiums later
Variable Universal Life Insurance
Variable Universal Life is a form of Permanent Life Insurance with flexible terms and investment possibilities.
Capitalizing on life's opportunities can be just as important as preparing for life's uncertainties. Variable Universal Life insurance gives you the chance to do both – all in one policy.
Variable Universal Life has flexible terms that allow you to change, within limits, the death benefit and the timing and amount of your premiums. It also lets you invest your cash value in professionally-managed funding options that reflect the performance of underlying investments such as stocks and bonds.
Variable Universal Life can be the right choice if you want:
Some things to consider about Variable Universal Life:
- As with any investment, the value of the funding options will fluctuate with changes in market conditions. There is growth potential, but also risk of loss.
- Skipping or postponing premiums can affect your policy's cash value and death benefit, and may cause increased premium requirements later.
Survivorship Life Insurance
Whether your goal is to leave an inheritance, protect your business, or provide a lasting benefit to a charity, a survivorship policy may be right for you.
A Survivorship Universal Life policy covers two people, usually spouses, under one policy, but provides a benefit only after the second person passes away, which is typically when estate settlement matters arise. It can be an important part of your estate plan.
A Survivorship policy can be the right choice if you want to:
- Leave an inheritance for your heirs, a charity or a university
- Make it easier to control how your estate is distributed
- Maintain coverage for both insureds' entire lives, even well beyond age 100
Some things to consider about Survivorship Life:
- A benefit is paid only at the death of the second insured person, not the first.
- Its primary purpose is to help you and another person plan your legacy