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Life Insurance
Whole/ Permanent Life Insurance
Whole life insurance is a type of permanent life insurance that provides both a death benefit and a cash value component that grows over time. The premiums for whole life insurance are typically fixed, and the policyholder is guaranteed a minimum interest rate on the cash value. Whole life insurance can provide lifetime coverage and may also offer dividends, which can be used to increase the cash value or to purchase additional insurance coverage.
Universal Life Insurance
Universal life insurance is a type of permanent life insurance that offers both a death benefit and a cash value component. The policyholder can adjust the amount and timing of premium payments, as well as the death benefit and cash value accumulation, giving them flexibility in managing their policy over time.
The two types of universal life insurance are indexed universal life insurance and variable universal life insurance.
- Indexed universal life insurance offers the potential for cash value growth based on the performance of a stock market index, with a minimum guaranteed interest rate.
- Variable universal life insurance allows the policyholder to invest the cash value component in a selection of investment options, such as stocks, bonds, and mutual funds, with the potential for higher returns but also greater risk
Term Life Insurance
Term life insurance is a type of life insurance that provides coverage for a specified period of time, such as 10, 20, or 30 years. If the policyholder dies during the term of the policy, the death benefit is paid out to the beneficiary named in the policy.
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