This is the
most common policy and the cheapest of all.
Insured are covered for certain years on a certain dead benefits. There
are no elements of saving and disability within this policy. The beneficiaries
will get the benefits upon the insured death without paying any taxes.
The minimum benefits available are 50K for kids and 100K for adults.
It is common to purchase Term contract for 10-30 years, with an option
to continue and be insured until the age of 95-100 without proof of insurability.
is recommended for people with responsibilities for a certain time. Such
responsibilities may be:
- Give the
family 5 years of lost income.
- Pay mortgage
- Pay debts
(car loans, student loans, credit cards balances).
- Pay college
tuition for all the kids until graduated.
Life Insurance with Cash Back.
policy pays all the premiums back (without interest) to the insured if
he/she alive at the end of the term. The cost is about 15% more than the
simple Term Life policy.
insurance plan to age 100 with significant advantages:
to increase the protection amount at the 3rd, 6th and the 10th year
without proof of insurability.
- The premiums
on the 3rd and the 6th yeas additions are calculated based on the original
age of the insured.
to purchase monthly income for the beneficiaries on top of the death
benefits. A sample would be income of $5,000 / month for 10 years.
Life Insurance is a flexible-premium, adjustable benefit life insurance
policy that accumulates account value.
As with all life insurance, the main purpose for buying a Universal Life
insurance policy is the death protection provided to your loved ones at
Benefits of Universal Life
-- You decide how much life insurance you need -- and subject to certain
requirements and limitations, you can adjust the death benefit and premium
payments to fit your changing needs
death benefit -- Under current tax laws governing individual life insurance,
life insurance proceeds are generally income tax free to the beneficiary
account value growth -- Your policy's Account Value earns interest at
the company's current interest rate -- federal income tax deferred.
life insurance coverage for as long as you live and continue to make timely
premium payments. With level premiums and the accumulation of cash values,
whole life insurance is a good choice for long-range goals. The guaranteed
cash values can provide money later on to help with temporary needs or
universal life insurance?
universal life is a flexible premium life insurance policy, which provides
life insurance protection with long-term investment growth potential of
the policy's account value. You may increase or decrease planned periodic
premium payments, skip premiums or make additional premium payments within
limits. You may also increase, subject to insurability, or decrease, within
limits, your coverage without having to purchase a new policy.
What are the basic benefits of variable universal life insurance?
Variable universal life insurance offers the following benefits:
protection for your beneficiaries against your premature death.
to allocate your net premiums among a variety of investment options.
income tax deferral on any growth in the policy account value.