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MOST PEOPLE live in a world of financial anxiety and stress. In most cases, they don't fully understand what decisions they need to make and where to get help making these decisions. One of those decisions has to do with purchasing life insurance. TODAY'S LIFE INSURANCE ~ A PROTECTION TOOL FOR YOUR FUTURE.
~Harry N. Stout
Whole Life INSURANCE
Whole Life is called permanent life insurance, it is designed to provide a lifetime coverage.
- The premiums and coverage amount do not change it's designed to remain the same over the lifetime of the policy
- You have the potential to build cash value that is tax-deferred
- When you pass away, your beneficiaries will receive the amount of the death benefit, minus any outstanding loans and loan interest that may be due on the policy
TERM LIFE INSURANCE
Term Life insurance is designed to provide financial protection for a specific term from five to thirty years.
- It’s usually renewable once the term has expired, although the premium is likely to increase significantly
- It provides a death benefit if you die within that defined term, it does not accumulate cash value
- It generally allows you to purchase a higher death benefit that's more affordable
UNIVERSAL LIFE INSURANCE
Universal life insurance is a type of permanent life insurance designed to provide lifetime coverage and it will accumulate cash value
- There are three ways the cash value will earn interest:
- Fixed - appeals to those who want to know what they will earn
- Variable - appeals to those with a higher risk tolerance
- Indexed - appeals to those with a high risk tolerance, but not to crazy!