Whole Life Insurance
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Lifetime Coverage: Policy provides coverage for the entire lifetime of the insured individual (or up to age 100), as long as premiums are paid.
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Fixed Premiums: Payments remain the same throughout the life of the policy, making it easier to budget for insurance expenses.
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Cash Value: A portion of the premiums paid accumulates as cash value within the policy over time, which grows tax-deferred and can be accessed through policy loans or withdrawals.
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Guaranteed Death Benefit: Policy guarantees a death benefit to beneficiaries upon the insured's death, providing financial protection for loved ones.
Term Life Insurance
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Fixed Term: Policy provides coverage for a specific period, such as 10, 20 or 30 years. Once the term expires, coverage ends unless the policy is renewed or converted.
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Affordable Premiums: Initial premiums tend to be lower than those for permanent life insurance policies like whole and universal life.
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Contingent Death Benefit: Beneficiaries will receive a death benefit payout from the insurance company IF the insured individual dies during the term of the policy.
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Renewable: Many term life insurance policies offer the option to renew the policy at the end of the term, often at higher premiums.
Mortgage Protection
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Mortgage Coverage: Insurance covers mortgage payments in the event of disability, unemployment or death of the policyholder.
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Temporary Protection: Policy provides temporary coverage for a specific period, most likely aligned with the length of your mortgage term.
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Decreasing Benefit: The benefit payout decreases over time as the mortgage balance decreases. aligning with the outstanding mortgage debt.​
Indexed Universal Life (IUL)
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Flexible: Policyholders can adjust their premiums and death benefits over time to meet changing needs.
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Cash Value Growth: Cash value accumulates over time based on the performance of selected market indices. IUL policies allow policyholders to participate in the gains of the stock market without directly investing in it.
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Tax Advantages: The cash value growth is tax-deferred, meaning policyholders do not pay taxes on the gains until they withdraw them.
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Risk Management: A guaranteed minimum interest rate ensures that the cash value of the policy will grow by at least a specified percentage, regardless of market performance. This feature provides stability and helps mitigate the risk of loss during downturns in the market.
