term insurance

This type of policy may be suitable for clients with restricted budgets and those who have temporary or large protection needs.

Details:

  • Guaranteed death benefit for a fixed period (Guarantees are dependent upon the claims-paying ability of the issuing company.)

  • Fixed premium

  • No cash value

  • Coverage is for a certain period of time (term), usually for a specified number of years or to a specific age of the insured.

  • Initial premiums tend to be lower but will eventually increase.*

Whole life insurance

Whole life policies are best designed for clients who seek to provide death benefit protection for their loved ones.

Details:

  • Guaranteed death benefit (Guarantees are dependent upon the claims-paying ability of the issuing company.)

  • Guaranteed cash value

  • Potential additional cash value by the receipt of any dividends declared by the company. Although not guaranteed, dividend payments are generally declared annually by the company

  • Level premiums that are guaranteed to never change*

Indexed universal life insurance

Clients seeking to secure death benefit protection, while also interested in simultaneously accumulating cash value for possible retirement supplement**, may consider an indexed universal life insurance policy.

Increasing the death benefit may be subject to additional underwriting approval.

Details:

  • Flexible death benefit

  • Flexible premium

  • Cash value grows based on an interest crediting strategy that is tied to changes in a market index such as the S&P 500. (This product is not sponsored, endorsed, sold or promoted by S&P and S&P makes no representation regarding the advisability of investing in this product). Indexed universal life insurance polices do not directly participate in any stock or equity investments.

  • Downside protection through minimum guarantees to ensure that your cash value will not decline due to decreases in the Index. (Guarantees are dependent upon the claims-paying ability of the issuing company.)* Monthly deductions continue to be taken from the accumulated value, including a monthly

 

*Sourced from National Life Group

** The use of cash value life insurance to provide a resource for retirement assumes that there is first a need for the death benefit protection. The ability of a life insurance contract to accumulate sufficient cash value to help meet accumulation goals will be dependent upon the amount of extra premium paid into the policy, and the performance of the policy, and is not guaranteed. Policy loans and withdrawals reduce the policy’s cash value and death benefit and may result in a taxable event. Withdrawals up to the basis paid into the contract and loans thereafter will not create an immediate taxable event, but substantial tax ramifications could result upon contract lapse or surrender. Surrender charges may reduce the policy's cash value in early years.

 

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