Life insurance can fill a wide variety of needs, from providing funds for a high-net-worth individual’s heirs to pay estate or inheritance taxes to ensuring financial support for a child with special needs should a parent die. Working with a financial professional can help you understand how life insurance works and which type, if any, is right for your situation.
Universal Life Insurance
Benefits
- Flexibility to maintain your policy while increasing, decreasing, or skipping premium payments based on changing needs.
- Average cost is usually lower than whole life at similar coverage amounts.
- Flexible premiums.
- Adjustable Death Benefit.
Term Life Insurance
- Provides coverage for a specific period of time (e.g., 10, 20 or 30 years).
- Pays a benefit only if the insured dies during that term.
- Fixed premiums for specified number of years and can increase upon renewal.
Benefits
- Highest death benefit at the lowest cost.
- Makes sense when there is a need for coverage that will disappear at a specific point in time.
Whole Life Insurance
Benefits
- Provides a guaranteed death benefit and guaranteed tax-deferred build- up of cash value with level policy premiums.
- Level premiums initially higher than with term and universal life policies of similar coverage amounts.
- Does not have flexible premiums.
- Provides coverage for your entire life cycle.
Variable Life Insurance
- Is a permanent plan combining the standard features of a universal life policy with investment choices for your premium dollars.
Benefits
- Lifetime protection.
- Flexibility to change premiums.
Guarantees are based on the claims paying ability of the issuing company.
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