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Term Life InsuranceTraditional term life insurance provides guaranteed protection for a specified period of time, ranging from one year to 30 years. The benefit is received only if you die during that period of time. You may benefit from buying term life insurance if you:
• need a lot of coverage, but have a limited budget
• have a low cash flow
• have other investments and are committed and self-disciplined to make regular deposits
Permanent Life insurancePermanent life insurance combines a death benefit with a cash value and grows tax-deferred. You may benefit from busing permanent life insurance if you:
• have a high net worth and are seeking a tax-advantaged product
• don’t want to risk outliving your term and having nothing to show for it
• need insurance for estate planning purposes
• want guaranteed life insurance for life
When choosing permanent life insurance, you can choose between whole life and universal life insurance.
Whole Life Insurance
Whole life insurance offers the certainty of a guaranteed death benefit, level premiums that are guaranteed for the life of the policy, and guaranteed cash values that are stated upfront. The cash values in whole life insurance will never decrease and are not affected by market fluctuations. You may borrow against your policy and later restore the full policy value by repaying the loan and any accumulated interest.
Universal Life Insurance
A universal life insurance policy gives you the flexibility to choose the amount of protection that best fits your needs. Flexible death benefits and premiums allow you to keep pace with today’s challenging life circumstances while building tax-deferred cash value. As the policy accumulates cash value, you can adjust the amount and timing of premium payments depending on factors such as past premiums, policy values, and current interest rates.