Finding a Life Insurance Policy to Meet Your Needs
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We understand—choosing a life insurance policy can seem a bit overwhelming. If there’s one thing the life insurance industry is guilty of it’s producing an abundance of choices. But in this case, there’s good reason: Everyone’s needs, goals, and preferences are different, and we want to help you find a policy that meets:
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Your needs.
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Your budget.
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The amount of time you need it to be guaranteed.
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How much, if any, risk you can accept.
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Even how actively involved in managing the policy you’d like to be.
What does Term Life Insurance cover?
Simply put, it’s an affordable way to provide death benefit protection for your family for a set period of time. It also offers several other advantages:
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Choice
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You choose the “term” (the level premium paying period) as well as your payment schedule—monthly, quarterly, bi-annually, or annually.
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Consistency
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Your payments stay the same for the entire term. Once the level premium paying period ends, you can continue paying (typically annually increasing premiums to a certain age) or stop paying and no longer have coverage.
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Tax Protection
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If you die during the time you’re covered, your beneficiaries receive the death benefit, typically income-tax free (per IRC §101(a)).
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Flexibility
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You can convert a term life insurance policy into a permanent policy that can potentially cover you for life—no additional medical exam is needed during the conversion period.
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What is Indexed Universal Life Insurance?
Indexed Universal Life insurance offers long-term death benefit coverage that credits interest based on the performance of a market index. It also offers a number of additional benefits:
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Tax advantages
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Like all life insurance, your beneficiaries will receive the death benefit typically free of federal income tax, and growth within the policy is tax-deferred.
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Cash value growth potential
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You also have the potential to build cash value (“living benefits”) with a portion of your monthly premiums earning interest based on either a fixed rate or on the performance of the indexed accounts.
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Flexible premium payments
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You decide when (monthly, quarterly, bi-annually, annually) and how much to pay (provided you meet certain minimums).
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What Is Variable Universal Life Insurance?
Variable universal life insurance offers protection as well as the potential to build cash value through underlying investment options. After you die, your variable universal life insurance policy can help meet the financial needs of the people you love. It may also help meet your needs while you're still living. It could be a good fit if:
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Protection
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You may want long-term coverage including up to your lifetime when all premium requirements are met to provide for your family.
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Cash growth & access
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You want greater cash value growth potential with access to the cash value through withdrawals or loans.
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Reward for risk
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You’re willing to take on more risk for potentially higher returns.
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Control
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You want to actively manage your policy’s underlying investment options.
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