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Life Insurance Types
Term
May make sense for those who have budget limitations, large protection needs or temporary need.
Uses:
- Income Replacement
- Mortgage Protection
- Key Person Replacement
Features:
- Guaranteed death benefit for a fixed period
- Fixed premium.
- No cash value.
- Coverage is for a certain period of time (term), usually for a specified number of years or to a specific age of the insured.
- Initial premiums tend to be lower but will eventually increase.
Whole
These policies are designed for individuals who want guarantees and who are focused on providing death benefit protection over cash value accumulation.
Uses:
- Funeral Expenses
- Estate Preservation
- Asset Protection
Features:
- Guaranteed death benefit
- Guaranteed cash value
- Potential additional cash value by the receipt of any dividends declared by the company. Although not guaranteed, dividend payments are generally declared annually by the company.
- Level premiums that are guaranteed to never change.
Indexed Universal
May be ideal for those who need death benefit protection but are focused on cash value accumulation for lifetime needs such as supplementing retirement income.
Uses:
- Cash Value Accumulation
- Estate Growth
- Income Distribution
Features:
- Flexible death benefit
- Flexible premium
- Cash value grows based on an interest crediting strategy that is tied to changes in a market index such as the S&P 500.
- Downside protection through minimum guarantees to ensure that your cash value will not decline due to decreases in the Index.