Term Life Insurance
Term life insurance provides death protection for a stated time period,
or term.
Term life insurance is perhaps the simplest form of life insurance. It
was developed to provide temporary life insurance protection on a limited
budget. Since term insurance can be purchased in large amounts for a relatively
small initial premium, it is well suited for short-range goals such as life
insurance coverage to pay off a loan, or providing extra life insurance
protection during the child-raising years.
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Why Universal Life?
Universal Life is a new generation of life
insurance that can provide complete financial security for you and your
dependents. Universal Life had the same advantages as traditional, permanent
life insurance, plus the added benefits of flexible premiums and flexible death
benefits.
Complete
Financial Security
Universal life can provide
complete financial security by offering these features:
- Protection...in the event of premature death.
- Cash...available for emergencies, retirement, or anything you
wish.
- Compounded interest rates...that allow policy values to increase
over time.
- Tax-deferred interest...competitive, current rates, credited free
of current income tax.
- Tax-free death benefit...payable to your beneficiary when it is
needed most.
Tax
Benefits
Universal Life enjoys the
following special tax benefits:
- Interest earned on the accumulated value is tax-deferred...that
is, it is not currently taxable. You generally pay tax only when you
withdraw your earnings, usually after you have withdrawn everything you
paid in first. If you never withdraw your earnings, they become part of
the tax-free death benefit payable to your beneficiary.
- Proceeds paid at death are generally income tax free to your
beneficiary.
- Proceeds can also escape estate taxes. Proper ownership and
beneficiary designations can help assure this. Ask your representative to
show you how.
Flexible
Premiums
With Universal Life, you can
determine the amount and frequency of your premium payments. Payments may be
increased, decreased, or even skipped altogether, as long as the policy's value
is sufficient to cover the cost of insurance. Additional premiums may be paid
at any time. If for any reason the policy's value is not sufficient to cover
the cost of insurance, there is a grace period in which a payment may be made
to continue the coverage.
How Does Universal Life Insurance Work?
You may switch options anytime after the first policy year subject to
insurability requirements. The amount of your coverage may be increased (with
evidence of insurability satisfactory to the Company) of decreased (subject to
policy limitations) as you need change.
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Whole Life
Insurance
Permanent life insurance coverage is for as long as you live and
continue to make timely premium payments.
With
level premiums and the accumulation of cash values, whole life insurance is a
good choice for long-range goals. The guaranteed cash values can provide money
later on to help with temporary needs or emergencies.
Features of
Whole Life Insurance
- Premiums generally are level and payable for life: Since premiums are level, the younger you are when you purchase a
whole life policy, the less expensive the annual premiums will be.
- Dividends: Whole life insurance
policies can earn dividends. Dividends result when the actual life
insurance costs turn out to be less than the company assumed in setting
the premiums. When this happens, the insurance company may return a
portion of your life insurance premium to you as a dividend. Dividends are
not guaranteed, since they don't know the actual costs in advance.
- Guaranteed Cash Values: Unlike term life
insurance, which does not accumulate any cash values, some of the money
you pay into your whole life policy accumulates as guaranteed cash values.
If you choose to surrender the policy, these guaranteed cash values would
be available to you. Or, as long as the policy is in force, you may borrow
against them as a policy loan at the current policy loan interest rate.
The amount of your guaranteed cash value depends on the kind of whole life policy you have, its size and how long you have had it. The growth in cash values is tax deferred under current federal income tax law. Borrowed amounts reduce the death benefit and cash surrender value.
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