Life Insurance

Whole Life

Whole life insurance is a form of permanent insurance that can provide life-long protection for you and security for your beneficiaries. In any permanent policy, there are some common features:

You can cancel or surrender a policy in whole or part and receive cash in a lump sum equal to the current cash value, which increases as you pay premiums. If you need to stop paying premiums, you can use the cash value to continue your current insurance protection for a specified time. You may be able to borrow from the policy, using your cash value as collateral. You must repay the loan with interest or your beneficiaries will receive a smaller death benefit.

Whole life is the most common form of permanent life insurance. The premiums generally remain constant over the life of the policy and must be paid periodically in the amount indicated in the policy.

Universal Life

Universal Life insurance is a form of insurance that can provide life-long protection for you and security for your beneficiaries. In any cash value policy, there are some common features:

You can cancel or surrender a policy in whole or part and receive cash in a lump sum equal to the current cash value, which increases as you pay premiums.

If you need to stop paying premiums, you can use the cash value to pay premiums and continue your current insurance protection for a specified time.

You may be able to borrow from the policy, using your cash value as collateral. You must repay the loan with interest or your beneficiaries will receive a smaller death benefit.

Universal Life w/Long Term Care Rider

Universal Life insurance is a form of insurance that can provide life-long protection for you and security for your beneficiaries. In any cash value policy, there are some common features:

You can cancel or surrender a policy in whole or part and receive cash in a lump sum equal to the current cash value, which increases as you pay premiums.

If you need to stop paying premiums, you can use the cash value to pay premiums and continue your current insurance protection for a specified time.

You may be able to borrow from the policy, using your cash value as collateral. You must repay the loan with interest or your beneficiaries will receive a smaller death benefit. Universal Life gives you the flexibility, after payment of your first premium, to pay premiums at any time in any amount, subject to certain minimums and maximums. You can also reduce or increase the death benefit more easily than with a whole life policy.

Term Life

Term insurance protects you for a period of time specified within the policy. Premiums are relatively inexpensive when you are younger, but each time you renew the term, premiums will increase to reflect your age and health at that time. Many policies require that you present evidence of insurability at renewal to qualify for the lowest rates. Many are also convertible to permanent life policies -- whole or universal -- when you are able to afford the premiums required for a cash value policy.

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