Life Insurance
Term Life Insurance
How it Works
Term life insurance is the most straightforward form of protection. You generally pay premiums on a monthly or annual basis and your family is protected for that “term.” We offer a variety of affordable term life insurance products to fit your needs, time frame, and budget.
• Help provide for a family’s loss of income
• Cover short-term debts and needs
• Provide additional insurance protection during the child-raising years
• Provide longer term protection to help your family pay off a mortgage or to help pay for a college education
Lifelong Protection with Whole Life Insurance
How it Works
Whole life insurance helps your family prepare for the unexpected. The death benefit can help replace a family’s loss of income, help with mortgage costs, or educational needs — or to leave a legacy for the next generation. Over time, whole life policies build cash value that grows tax-deferred, and can be accessed during your lifetime. We offer level premiums and life insurance protection for as long as you live, provided that premiums are paid as required to keep the policy in force. We offer Whole Life policies that can be paid with a single premium, premiums payable to 100, or premiums payable up to a limited number of years. Policy loans do accrue interest, and any outstanding policy loans and interest will reduce the death benefit and cash value.
Flexible, Permanent Protection with Universal Life Insurance
How it Works
Every month, various deductions, such as a charge for insurance protection, are then made from the account value. You have the ability to take loans or make withdrawals from the account value for your personal needs. Loans accrue interest and unpaid loans plus interest and withdrawals will reduce the death benefit and cash value. The policy continues as long as the cash value is sufficient to cover the various deductions each month*.
Typical Uses for Universal Life Insurance
• Provides for a family’s loss of income, mortgage costs, and educational needs
• Access to cash value for life’s opportunities
• Estate, special needs, and business planning
Universal Life Insurance
A Universal Life Insurance policy is a flexible way to help protect your loved ones and build tax-deferred cash value.
Features
• Flexibility — You decide the amount of life insurance and premium payments subject to policy minimums.
• Death benefit — Life insurance proceeds are generally income tax free to the beneficiary.
• The growth in cash value is tax-deferred under current federal income tax law.
• Access to cash value — The cash value can be accessed to help with education expenses, provide a retirement supplement, or other personal objectives.
Survivorship Universal Life Insurance
Survivorship Universal Life Insurance covers two people. The death benefit is paid when the last person insured under the policy dies. Survivorship Universal Life is an efficient way to assist with a variety of planning needs.
Features
• Typically, less expensive than two individual Whole Life or Universal Life Insurance policies.
• Flexibility — You decide the amount of life insurance and premium payments subject to policy minimums.
• Death benefit — Life insurance proceeds are generally income tax free to the beneficiary.
• The growth in cash values is tax-deferred under current federal income tax law.
• Access to cash value — The cash value can be accessed to help with education expenses, provide a retirement supplement or other personal objectives.
* With Universal Life Insurance it is possible that coverage will expire when either no premiums are paid following the initial premium or subsequent premiums are insufficient to continue coverage.
Joint Universal Life Insurance
Joint Universal Life Insurance covers two people. The death benefit is paid upon the first death of the insureds. Joint Universal Life offers an economical way of providing permanent coverage for two individuals under one policy.
Features
• Typically, less expensive than two individual Whole Life or Universal Life Insurance policies.
• Flexibility — You decide the amount of life insurance and premium payments subject to policy minimums.
• Can raise or lower the coverage — and premiums — to fit the need.
• Death Benefit payable upon first death.
• Life insurance proceeds are generally income tax free to the beneficiary.
• Option to purchase another policy for the surviving insured.
• Builds an account value, which grows income tax deferred under current federal income tax law.
• Ability to withdraw cash (or take loans) from your account when you need it to help with education expenses, provide a retirement supplement, or other personal objectives.
• Includes a broad range of riders and features to customize coverage.