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Two Kinds of Life Insurance
One person swears by term, another
suggests cash value. So how can you decide which type of life insurance is best
for your situation? Refer to the chart below for a helpful side-by-side
comparison.
Cash Value
(The kind with "savings") |
|
Term Insurance
(The kind that's "pure protection") |
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Types of
Cash Value:
- Traditional whole life
- Interest-sensitive whole
life
- Variable life
- Variable universal life
- Universal life
- Equity-indexed whole life
What You Get
Protection: Death protection with premiums payable to age 100. (But
remember, more often than not, plans pay the death benefit only — not the
death benefit AND the cash value you'll read about below. In most cases, you
get one or the other.) |
|
Types of
Term:
- Annual renewable term
- Level term
- Modified level term
- Decreasing term
What You Get
Protection: More death protection for lower initial premiums. Most currently
available term policies contain provisions to continue coverage to age 100. |
|
| Cash
Value/Accumulation: Your policy is designed to accumulate cash
value over time. Keep in mind, that you may realize a rate of return below
your investment objectives. In addition, if you opt to receive your cash
value, you may forfeit your death benefit. |
|
Accumulation: Paying less of an insurance premium in the beginning
of the policy frees up money for saving elsewhere. This enables you to find
the right savings vehicle to match your objectives. |
|
| Loan
privileges: You may borrow your cash values, but not without
consequences. You'll be charged interest on the loan, and your death
protection will be reduced by the amount of the loan until it is repaid. |
|
Flexibility: Separate life insurance and investment programs allow
more flexibility to change either your protection or your investment program
without one affecting the other.
Control: You
control how and where your money is invested.
Access: You
retain full access to your savings and investment products because they're
not tied to your life insurance policy. |
|
|
Retirement income: You can help fund your retirement with your cash
values (minus any outstanding loans). However, using your cash values for
loans, withdrawals, surrenders or other options will reduce your death
benefit. |
|
Retirement income: Separate, so you're assured of receiving both
your death benefits AND the money you've accumulated from your investments. |
we sell 100% term insurance, 100%
of the time because we believe it's the best choice for most families. Contact
Us now for more information on our life insurance products and our "Buy Term and
Invest the Difference" philosophy. Call Today to get yourself protected with the
best life insurance.
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