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What type of life insurance policy is right for you?
| In choosing the type of life insurance policy you
purchase, consideration must be given to the need which is
being filled: funding retirement needs, creation of an
estate, payment of estate settlement costs (federal and
state death taxes, last illness and burial costs, probate
fees, etc.), business buy-out, key-man coverage, etc. |
| Policy
Type |
Features |
Consider the Need |
| Decreasing Term |
Level premium, decreasing coverage, no
cash value. |
Suitable for financial obligations which
reduce with time such as mortgages or other amortized
loans. |
| Annual Renewable Term |
Increasing premium, level coverage, no
cash value |
Suitable for financial obligations which
remain constant for a short or intermediate period such as
income during a minor's dependency. |
| Whole Life |
Level premium, level coverage, cash
values. Cash value typically increases based on insurance
company's general asset account portfolio performance. |
Suitable for long-term obligations, such
as surviving spouse lifetime income needs, estate
liquidity, death taxes, funding retirement needs, etc. |
| Universal Life |
Level or adjustable premium and coverage,
cash values. Cash values increase based on the performance
of certain assets held in the company's general account.
|
Suitable for long-term obligations or
sinking fund needs: estate growth, estate liquidity, death
taxes, funding retirement needs, etc. |
| Variable Life and Variable Universal Life |
Level or adjustable premium, level
coverage (can be increased by positive investment
performance. Cash values are directed to a choice of
investment accounts (bond, stock, money market, etc.) by
the policy owner. |
Suitable for long term obligations and
those who are more active investors and for estate growth
and death tax liquidity. |
| Single Premium Whole Life |
Entire premium is paid at purchase, cash
values, level coverage. |
Provides protection as well as being an
outstanding asset accumulation vehicle. |
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| Get your
free life insurance quote today
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