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Permanent Life |
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Permanent insurance provides life long protection. As
long as you pay the premiums, the death benefit will
be paid. These policies are designed and priced for
you to keep over a long period of time. If you dont
intend to keep the policy for the long term, this may
be the wrong type of insurance for you.
Permanent policies are known by a variety of names:
whole, ordinary, universal, adjustable, and variable
life. Most have a feature known as cash value or
cash-surrender value. This feature, not found in most
term insurance policies.
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There are several types of permanent insurance:
Whole life
or ordinary life is the most common type of permanent insurance. The
premiums generally remain constant over the life of the policy and
must be paid periodically in the amount indicated in the policy.
Whole life insurance policies are valuable because they
provide permanent protection and accumulate cash values that can be
used for emergencies or to meet specific objectives.
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Premiums are
guaranteed not to increase over the life of the policy. |
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The policy
can be surrendered for the cash surrender value. |
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Policy loans
and withdrawals provide access to your cash value. |
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Earnings,
and certain withdrawals and loans, may qualify for tax-favored
treatment. |
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The
policy can be changed to a reduced death benefit amount that is
paid up.
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The policy can be changed to a reduced amount paid-up whole life
policy. |
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The cash values may be used to pay premiums for a certain period
of time. |
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The cash surrender value can be used to supplement retirement
income. |
Request a quote for permanent life
insurance
Universal life allows you, after your initial
payment, to pay premiums at any time, in virtually any
amount, subject to certain minimums and maximums. You also
can reduce or increase the death benefit more easily than
under a traditional whole life policy. (To increase your
death benefit, the insurance company usually requires you
to furnish satisfactory evidence of your continued good
health.)
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There is no
set schedule for premium payments after the first policy year, so
as your needs and goals change you may be able to increase,
decrease or stop premium payments. |
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A minimum
death benefit is guaranteed regardless of funding option
performance if you maintain Guaranteed Minimum Death Benefit
premium payments at specified levels. |
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The policy
can be surrendered for the cash surrender value. |
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Policy loans
and withdrawals provide access to your cash value. |
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Earnings,
and certain withdrawals and loans, may qualify for tax-favored
treatment. |
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The
policy can be changed to a reduced death benefit amount that is
paid up.
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The cash values may be used to pay premiums for a certain period
of time. |
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The cash surrender value can be used to supplement retirement
income. |
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You can
elect a Disability Waiver of Specified Premium Amount rider. In
the event that the insured becomes disabled, this rider applies a
predetermined amount of premium to the policy, within limits so
that you can maintain coverage and continue to accumulate cash
value. |
Request a
quote for permanent life insurance
Variable life provides death benefits
and cash values that vary with the performance of a portfolio of
investments. You can allocate your premiums among a variety of
investments offering different degrees of risk and reward: stocks,
bonds, combinations of both, or accounts that guarantee interest and
principal. You will receive a prospectus in conjunction with the sale
of this product.
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There is no
set schedule for premium payments after the first policy year, so
as your needs and goals change you may be able to increase,
decrease or stop premium payments. |
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A minimum
death benefit is guaranteed regardless of funding option
performance if you maintain Guaranteed Minimum Death Benefit
premium payments at specified levels. |
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The
potential for your cash value to accumulate more rapidly. |
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The ease of
professional portfolio management. |
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The
flexibility to change the funding options in which your net
premiums are invested at any time. |
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The policy
can be surrendered for the cash surrender value. |
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Policy loans
and withdrawals provide access to your cash value. |
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Earnings,
and certain withdrawals and loans, may qualify for tax-favored
treatment. |
|
|
The
policy can be changed to a reduced death benefit amount that is
paid up.
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|
The cash values may be used to pay premiums for a certain period
of time. |
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|
The cash surrender value can be used to supplement retirement
income. |
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You can
elect a Disability Waiver of Specified Premium Amount rider. In
the event that the insured becomes disabled, this rider applies a
predetermined amount of premium to the policy, within limits so
that you can maintain coverage and continue to accumulate cash
value. |
Request a quote for permanent life insurance
Joint
Survivorship Life
A Joint Survivorship or second-to-die life insurance
policy insures the lives of two people, typically a husband and a
wife. The death benefit is not paid to the beneficiary until the death
of the second insured. These life insurance policies are generally
available as either whole life insurance or universal life insurance
policies, and premiums are often less expensive than buying two life
insurance policies.
Joint Survivorship insurance policies are effective
tools often used by wealthy individuals in estate planning. They can
be used to pay for estate taxes. By removing the proceeds of a life
insurance policy through the use of gifting policies and third party
ownership, a life insurance policy can be used to pay for estate
taxes. Careful planning by your tax and legal counsel, coupled with a
properly structured second-to-die life insurance policy, can help you
preserve your net worth.
Request a quote for permanent life insurance |
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