Whole Life Insurance

Whole life insurance covers you for your entire life, not just for a specific period such as term insurance. Your death benefit and premium in most cases will remain the same. Whole life insurance also builds cash value, which is a return on a portion of your premiums that the insurance company invests. Your cash value is tax-deferred until you withdrawal it and you can borrow against it. *Loans or withdrawals will reduce the death benefits and may reduce the value of any optional benefits.*

Long Term Care Insurance

Generally, long term care is required when individuals can no longer perform the tasks of ordinary living independently. It isn’t a subject that most of us want to dwell on. However, the failure to discuss or develop an appropriate plan for the high cost is causing many American families to be unprepared to meet the high costs of long-term care.

Variable life insurance

Variable life insurance is a form of permanent insurance that allows the policyholder to invest a portion of the cash value of the policy in a portfolio of stocks, bonds and money market investments. Premiums are fixed and a share of them is allocated to the investment portfolio. The policyholder bears the risk from these investments in the form of a cash value and death benefit that fluctuates with the performance of the investment portfolio.

Term Life Insurance

Term Insurance
Term insurance pays only a death benefit. The
characteristics of this type of insurance include:

• Low initial cost
• Meets specific short-term needs
• Has no cash value
• Is in force for a specified time period
• The policy’s proceeds pass to beneficiary income tax free ( They may be subject to estate taxes)

Term insurance may be purchased as annual renewable, level or decreasing.

Universal Life Insurance

Universal life insurance was created to provide more flexibility than whole life insurance by allowing the policy owner to shift money between the insurance and savings components of the policy. Premiums, which are variable, are broken down by the insurance company into insurance and savings allowing the policy owner to make adjustments based on their individual circumstances. For example, if the savings portion is earning a low return, it can be used instead of external funds to pay the premiums. Unlike whole life insurance, universal life allows the cash value of investments to grow at a variable rate that is adjusted monthly.