Term Life Insurance

What is Term Life Insurance?

Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term.

Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to terminate.

Return-Of-Premium Term

Return-of-Premium Term Life Insurance
(ROP) Benefits
Return-of-premium life insurance is added on to a standard term life insurance policy as a rider and lasts for the term of the policy – usually a 10, 20 or 30 year term. For certain people with specific life insurance needs, there are a few pros of a return-of-premium life insurance policy:
 

• Refunded premiums are not taxable

• A forced savings vehicle if your premiums are returned

• Lower cost than whole life insurance

With top-notch return-of-premium life insurance companies, you receive a guaranteed amount of money back that could go to your loved ones rather than taking risk on the stock market and other high-risk investments.

Indexed Universal Life

Indexed Universal Life (IUL) Life Insurance Policies

From fixed-rate models to variable ones, Indexed Universal life insurance comes in various types. IUL insurance policies can help you to build wealth while leaving behind a death benefit for your loved ones.

These policies put a portion of the policyholder’s premium payments toward annual renewable term life insurance, with the remainder added to the cash value of the policy after fees are deducted. On a monthly or annual basis, the cash value is credited with interest based on increases in an equity index.

IUL insurance policies provide greater upside potential, flexibility, and tax-free gains. This type of life insurance offers permanent coverage as long as premiums are paid. In general, these policies are best for those with a large up-front investment who are seeking options for a tax-free retirement.

People who need permanent life insurance protection but wish to take advantage of possible cash accumulation via an equity index might use IULs as key person insurance for business owners, premium financing plans, or estate-planning vehicles.

No Medical Exam Life Insurance

No Medical Exam Life Insurance Benefits.

Some are geared toward people in poor health who want to avoid any medical questions, while others focus on young, healthy people who want a quick application process.

A no medical exam life insurance policy can also be used to cover final expenses if you can’t obtain other life insurance and want to avoid burdening your family with 

Whole Life Insurance

Guaranteed lifelong coverage
 

• Guaranteed lifelong coverage: Unlike term life insurance, whole life provides protection for your entire life as long as you pay the premiums.

• Guaranteed death benefit: A fixed amount is guaranteed to be paid to your beneficiaries upon your death.

• Level premiums: Your premium payments are fixed and will not increase over the life of the policy.

• Cash value growth: A portion of each premium contributes to a cash value that grows tax-deferred at a guaranteed rate.
  
   Other key advantages

• Access to cash value: You can access the cash value during your lifetime through withdrawals or loans.

• Potential for dividends: Some policies are "participating" and may pay dividends, which can be used to pay premiums, increase the death benefit, or grow the cash value.

• Tax benefits: The cash value grows tax-deferred, and loans or withdrawals may have favorable tax treatment. The death benefit itself is typically income tax-free for beneficiaries.

• Estate planning: The death benefit can provide an inheritance or help cover estate taxes and debts.

• Protection: In many states, the cash value and death benefit are protected from creditors. 

Fixed Indexed Annuity

What’s An Annuity?
 
In its simplest terms, an annuity is a contract between an individual (or married couple) and a life insurance company. You can purchase an annuity with a portion of your retirement savings in either a single payment or with multiple payments, depending on the type of annuity.

Once you own an annuity, any growth in your account may be on a tax-deferred basis while you continue to have control of your money, as needed.

Annuities can be an important part of a diversified retirement portfolio because they can ensure that your retirement income is protected even when there are downturns in the market.

So no matter how your other retirement investments perform, annuities can provide you with a source of protected lifetime income that few other financial products can offer.