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Term Life
Term life insurance is a pure life insurance policy. It provides payment of the policy stated death benefit should the named insured die during the policy specified term. Once initial guaranteed term expires, options such as renewal or conversion may exist. Term policies usually have a fixed premium during the initial guaranteed term period.
Universal Life
Universal life (UL) insurance is a type of permanent life insurance policy that includes a financial growth element. UL policies usually contain a flexible-premium option defined in the policy.
Whole Life
Whole Life insurance is traditional life insurance policy and may contain a financial growth element in which cash value accrues on a tax-deferred basis. The policy holder may take a draw or loan against cash value. Policy loans and withdrawals reduce the policy's cash value and death benefit and may result in a taxable event. Surrender charges may reduce the policy's cash value in early years. WL policies have a fixed-premium.
IUL
Indexed Universal Life insurance gives the flexibility of Universal Life premiums and face value with a financial growth opportunity The policy holder may have to pay higher premiums for a longer time to reap the benefits of the larger financial growth and maintain the death benefit.
Fixed Annuities
Insurance contracts that do not require the health qualifications but have strict financial suitability guidelines. This insurance policy will provide a guaranteed interest rate based on contributions to the account while providing additional protection from loss that can occur with variable market solutions. Earnings are tax deferred until the owner begins withdrawing money.
Accidental Death Life
Accidental death life insurance pays a death benefit if your cause of death fits the policy's definition of an accident as established by the insurance company. If your death is due to natural causes like an illness or disease, the insurer won't issue a payout. Most accidental life is not permanent and lasts for a set number of years and then expires.
