Life insurance isn’t just for you. It’s for those who depend on you most. With the right planning, you can ensure that your loved ones will have the financial resources to go on living their dreams when you can no longer provide for them. Death benefits received by your family might be used to provide adequate income for the family, pay off the mortgage on the family home, cover final expenses such as medical bills, or ensure that your children are able to go to college.
Term Life Insurance – provides death benefit coverage at a guaranteed premium for a specific period of time. This is the most economical type of life insurance.
Whole Life Insurance – provides both a guaranteed death benefit and guaranteed cash value for a fixed, or guaranteed, premium amount.
Fixed Universal Life Insurance – provides both a death benefit and the potential for accumulating cash value, which may be accessed to fund future financial needs.
Variable Universal Life Insurance – provides similar flexibility as a fixed universal life insurance policy, except that the owner of a variable policy chooses where premium amounts will be invested. The investment return and principal value of variable sub-accounts will fluctuate. Your cash value, and perhaps the death benefit, will be determined by the performance of the chosen sub-accounts.
Variable Universal Life Insurance contracts are sold by prospectus only, which describe risk factors, fees, and surrender charges that may apply such as mortality and expense risk charges, administrative expenses, monthly charge for Cost of Insurance, and fund expense charges. Withdrawals may be taxable and subject to surrender charges. Guarantees are based on the claims-paying ability of the issuer and do not protect against market fluctuation. The guarantee only applies to the death benefit and does not cover the sub-account investments.
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