When navigating Life Insurance, it can be tricky and confusing

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Life Insurance: More than a Death Benefit

Most people think of Life Insurance as something we purchase to provide security for our families when we pass away. Now, it can be so much more. It should be able to be used while we are alive and used to help keep us alive if we become seriously ill or injured.

There are so many types of life insurance out there that it can be confusing. Get expert advice on which one is right for you.

Below are the four types of insurance policies. Each is designed for a different purpose. I will discuss in detail with each customer to determine what their goal is to determine which type of policy will serve them best for what they want to accomplish.

Life Insurance
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Living Benefits are available with every life insurance policy, depending on state approval, and at no extra cost. Living Benefits are provided by Accelerated Benefits Riders (ABRs), which are supplemental, no-additional cost benefits that can be added to an insurance policy and are not suitable unless the client has a need.

Term Life

Low initial premiums make term insurance a practical alternative to permanent coverage, however, term premiums will eventually increase. If carried on, the annual premiums are likely to exceed the level premiums that could have been had with a permanent policy, without the benefit of building cash value.

Whole Life

As long as the policy owner continues to pay the premiums, there will be guaranteed death benefit, level premiums and cash value accumulation. These policies are designed and priced for an individual to keep over a long period of time.

Fixed Universal Life

Considered to be the most flexible type of life insurance. UL provides both premium flexibility and death benefit flexibility. Universal life also offers the ability to accumulate cash value under the policy on a tax-deferred basis.

Indexed Universal Life

Works the same way that Universal Life does, but offers the option of having cash value accumulate at interest based on the changes of a major market index.

Schedule a FREE consultation to see what life insurance can do for your overall financial health and which kind is right for you.