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What is Term life insurance

What is it? Term Life insurance pays a single tax-free lump sum benefit when the insured person passes away. Generally, we recommend enough Term Life insurance to pay off any debts that might be left behind, and to replace enough income so that the surviving family members can keep their home and maintain their standard of living. Why you should have it. Term life insurance is the most simple and cost-effective choice for most people. You simply specify how much coverage you need and how long you need it. When it expires, you can take out another policy if you still need the insurance.

What is Index Life Insurance

Indexed universal life (IUL) insurance is permanent, which means it lasts your entire life and builds cash value. An IUL policy allows for some cash value growth through an equity index account, unlike other universal policies that only grow cash value through non-equity earned rates. Like with all universal life policies, once you've built up enough cash value, you can use it to lower or potentially fully pay for your premium without lowering your death benefit.

What is Guaranteed Universal Life Insurance

A guaranteed universal life (GUL) insurance policy offers a death benefit and premium payments that will not change over time.

You’ll generally select an age at which the policy ends (such as age 90, 95, 100, 105, 110, or 121). Choosing a higher age will increase the premium. Guaranteed universal life insurance generally may have little cash value and is typically the cheapest kind of universal life insurance you can buy. You’re paying for the lifelong coverage, not the potential for significant cash value. GUL is sometimes called “no lapse guarantee universal life insurance.” This is to address recent problems in which traditional, non-guaranteed universal life insurance policies lapsed because the cash value couldn’t cover the policy’s expenses and the cost of insurance. Some policyholders who wanted to keep their insurance in force had to suddenly pay much larger premiums that they never expected. Newer no-lapse policies promise to stay in force. But there’s a catch: If you make a late payment or miss one, the policy will likely terminate. Since there’s usually little cash value, there won’t be any money to take away. The insurance company will keep the premiums you paid. Guaranteed universal life insurance can be a good choice for someone looking primarily for lifelong coverage and who cares less about the “investment” component of cash value. Unlike other types of universal life insurance, a GUL policy doesn’t offer flexibility with the premium payments or death benefit amount.

What is Whole life insurance 

What is it? Whole life policies are “permanent,” meaning they never expire. They also add the possibility of building up an investment within your policy that you may be able to cash or borrow against in the future. What’s the catch? The downside is they are much more expensive and complicated than term life. One exception is individuals who can benefit from the ability to borrow against the policy to extract money from a holding company in a tax-efficient manner. If this sounds like you, we can show you exactly how this works.