Life insurance protects your family and business in a number of ways:
- Any needs after the time of death, such as final illness expenses, burial costs and estate taxes.
- Funds for a readjustment period, to finance a move, or to provide time for family members to find a job.
- Ongoing financial needs, such as monthly bills and expenses, daycare costs, college tuition or retirement.
Term Life Insurance is the perfect choice when you need temporary coverage. In addition, term life insurance typically provides more value for your dollar than any other type of life insurance product. You can easily renew many term policies and even convert them to permanent coverage with the same premium cost for the life of the policy.
Whole Life Insurance covers you for your entire lifetime. You'll often guaranteed a set premium for the entire life of the policy. Because you pay premiums your entire life, whole life policies actually accrue cash value that you can borrow from at any time -- at low interest. If you die with a loan against your whole life policy, the unpaid amount is simply deducted from the benefits.
Universal life policies combine the lifetime protection and cash value accumulation with the term insurance flexibility to adjust premiums and benefits. In essence, universal life is a whole life insurance product that lets you adjust premiums and benefits to fit the changes in your life as you grow older. You get all the benefits of term insurance -- adjusting coverage as your needs change -- with all the benefits of whole life insurance with an outstanding cash accumulation program.
An annuity is a contract in which an insurance company promises to make a series of payments sometime in the future in exchange for a single deposit or series of payments over several years. Annuities are insurance policies that offset the risk of running out of retirement resources. Annuities earn compounded interest throughout their lifetime, but these interest payments are not taxed during the accumulation period, making annuities an outstanding retirement savings option.
Why would you want an annuities policy?
- Affluent individuals buy annuities to guarantee a certain future income, even if their lose all their other investments. For these buyers, annuities offer precious safety and tax savings rather than yield.
- Individuals with modest wealth and income turn to annuities to provide a continuous source of income that cannot be outlived. For these individuals, annuities offer a secure yield without the hassle of managing investments.
- For those without estates, annuities are a perfect way to achieve financial independence in retirement.
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