Life Insurance
Permanent Insurance
Permanent insurance may be the right choice for you if you need long-term financial protection. As long as you pay the premiums, your beneficiary will receive the death benefit. Permanent life insurance also builds up a cash value, which you can use during your lifetime.
Features:
- Non-taxable death benefits
Death proceeds generally free from income tax, providing more benefits for your beneficiary. - Proceeds paid directly to beneficiaries
Death proceeds can be paid directly to your beneficiary, avoiding probate delays and safety from creditors. - Tax-deferred growth
Accumulates cash value on a tax-deferred basis. - Tax-advantaged liquidity
Cash surrender value provides a source of funds for the policy owner through loans with low interest rate spreads and/or a partial surrender, both of which will affect the death benefit amount, policy value, and taxation.
Term Insurance
Term insurance is usually recommended if your family needs financial protection for a specific period of time, whether it’s one, five, ten or even twenty years. Term insurance helps cover needs that will disappear over time, such as a mortgage or college expenses. It also is recommended for families that need a large amount of life insurance protection and are on a limited budget, since term insurance premiums can be less expensive than other types of life insurance.
Features:
- Protection
Provides a non-taxable death benefit which is paid directly to your beneficiary. - Affordability
Less expensive premiums that focus on basic coverage for your specific needs. - Choice
Provides protection for a specific period of time, usually from ten to 30 years.