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Term and Universal Life Insurance |
LIFE INSURANCE MAY BE THE MOST DURABLE FINANCIAL PROTECTION YOU CAN PROVIDE FOR YOUR FAMILY |
Term Life Insurance |
Although term life insurance provides the maximum amount of life insurance at the lowest cost, it only offers temporary protection. The length of a policy may be for 1, 5, 10, 15, 20 or 25 years. Once the term of the policy expires, coverage ceases. The policy must be renewed in order for the policy owner (you) remain protected. While a medical exam is not required to renew, premiums will increase due to the increased age of the policy holder. Term policies do not accumulate a cash value. |
Universal Life Insurance (UL) |
This type of life insurance offers the policy owner more flexibility regarding premiums and coverage amounts. The policy owner may pay whatever amount of premium each year he or she chooses. However, if not managed properly by the policy owner, coverage could lapse if premiums are not paid in subsequent years. UL generates a cash value that generally earns a minimum of 4%. These rates of return are established annually and may change from year to year. |
The corner stone of financial security |
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