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Life Insurance is an essential component in helping to provide protection for your future. Whether you need temporary protection for a short term or a more permanent solution, there are many different types that can help you.
Whole life insurance provides families a foundation in securing their financial future. Not only can a whole life insurance policy help provide permanent protection over your entire life at a fixed premium, it also accumulates cash value and may pay policy dividends. The cash value of the policy can be accessed throughout your lifetime with loans and withdrawals to help you in times of financial need. Additionally, your whole life policy can be tailored with the addition of riders to help meet your family's unique needs. Whole life insurance does require a higher premium payment, but it in turn offers many guarantees over other "permanent" life insurance products.
There are many reasons why people choose to purchase a whole life policy. Whole life is an effective planning tool that can help provide a solution to many financial concerns you may have. What would happen to your family if you should die prematurely? How would they pay for funeral costs, uncovered medical expenses, or routine expenses such as food, housing, utilities, transportation, health care and clothing? Your unique financial needs call for a custom solution—one that is crafted to give you flexibility. You can tailor whole life insurance to help you meet a variety of needs.
* Payment of any death benefit is subject to the exclusions and limitations in the policy, and riders if any, including without limitation: payment of the required premium; suicide exclusion, contestable provision, and existing loans.
There may be times when you need financial protection for a limited period. Term life insurance provides maximum protection with minimal cost, with coverage for a specific period of time. It is pure life insurance that does not increase in value. If you die within the designated time frame, your beneficiaries will receive the death benefit amount. The younger you are, the lower the premium – or price – you pay for term insurance. Some term products offer flexible features such as convertibility to a permanent product and return of premium. These are a good choice when you cannot predict your future needs.
Convertibility means when you decide that you need a more permanent form of insurance, your policy can be converted into a permanent life product without new evidence of insurability. Return of premium allows you to recover part of your insurance premiums at the end of the agreed upon term if you are still living. Term is an ideal solution for a variety of business and personal challenges that could arise from an unexpected death.
Of course, there are other types of life insurance and even variations of the ones we've covered here. The life insurance plan that's best for you depends on your family's needs and how you prefer to pay your premiums. Your financial professional can help you determine the type and amount of insurance you need for your specific situation.