Life insurance protection is a key component of a sound financial plan. We help with planning for the unforeseen to make sure that your family is protected. Life insurance can also be a key tool in helping to leave a legacy for your heirs. There are many different types and options of life insurance .
Make sure you have enough life insurance coverage so your loved ones don’t have to pay a D.I.M.E. (Debts, Income, Mortgage, Education)!
For a quick life insurance comparison click here.
Give us a call and we would be happy to meet with you to review the options and discuss which might be the best fit for you.
Traditional term | Cash value term | Whole life | Indexed Universal Life (IUL) | |
How it’s used | Provides coverage for a specified amount of time, or term, which depends on the product you select. The death benefit pays only if you die during the term of coverage. | Provides insurance for a limited period but accumulates some cash value. This may allow you to recover some or all the premium paid or provide a lesser amount of death benefit if you need or want to stop paying premiums. | For as long as you keep paying premiums, whole life insurance promises to provide your beneficiary a benefit when you die. Offers the potential of long-term contract value accumulation. | Offers insurance protection for your family for a lifetime. Also offers the potential of long-term contract value accumulation. Interest rate for accumulation based on an investment index. |
Face amount | Fixed | Fixed | Fixed | Flexible |
Length of policy | Limited time period | Limited time period | Designed to last for lifetime, but can be surrendered | Flexible – can last for a lifetime or be surrendered |
Cost | Lowest initial premium | Higher than traditional term but less than whole or universal life | Initially higher than term | Initially higher than term |
Premiums | Fixed for original term period, but increase rapidly after original level term period is over | Fixed for original term, but increase after original level term period is over. This increase is less rapid than traditional term. | Fixed/guaranteed for lifetime | Flexible within limits required to maintain coverage |
Cash value | No | Yes | Yes | Yes |
Cash value surrender available | No | Full only | Full only | Full or partial |
Loans | No | No | Yes | Yes |