Learn about Insurance
Find the right type of life insurance.
Term Life Insurance
Term life insurance provides coverage for a specific time period (10, 20, 30 years, etc.), usually with smaller initial premium payments. It provides you the largest amount of coverage for the dollar when your financial obligations are the greatest.
Term life insurance is a very cost-effective way to provide protection for you, your family, or your business. You decide the length of term you want, and this allows you to set aside a premium amount each month.
- Lower initial premiums, which may fit well into the budget of younger individuals.
- Helps ensure that crucial items—like a car or a house—can be paid for in case of early death.
- Convertibility: many policies allow you to convert term coverage into permanent insurance once the term is over without additional proof of good health—also known as "evidence of insurability."
- Some term policies offer return of premium (ROP) riders, which return all of the premium you've paid if you are alive at the end of the term period.
Permanent Life Insurance
Permanent life insurance offers a fixed premium for a specific coverage amount. It can give you lifetime coverage—provided that premiums are paid—and build money inside your policy (called "cash value"). There are several types of permanent life insurance, listed below.
Universal Life Insurance
Universal life offers insurance protection until your death, with guaranteed premium levels and tax-deferred benefits that are based on current interest rates.
- Your policy's cash value can be used for a loan, as premium payment or as collateral.1
- Flexibility in terms of premium payment, conversions and coverage upgrades.
Indexed Universal Life Insurance
Indexed universal life offers all of the benefits of traditional insurance products, plus the potential for additional growth through indexed interest credits. IUL can also offer protection from downside risk thanks to a minimum interest rate guarantee.
- Enhanced growth potential to help offset inflation risk.
- Upside potential and downside protection.
- Additional flexibility features associated with universal life products.
Variable Universal Life Insurance
Variable universal life can also provide insurance protection for life, with payment flexibility, tax-deferred accumulation and a variety of investment choices in professionally managed investment portfolios.
- Tax-favored access to policy values.
- Payment flexibility to increase, decrease or suspend premiums.
- Tax-deferred accumulation.
Survivorship Universal Life Insurance
Survivorship universal life is designed so older couples can take advantage of estate marital tax deductions, and then cover estate taxes after the death of the surviving spouse. It usually has cost-effective premiums and can be tailored to individual needs with riders.
- Death benefit paid when the last person insured under the policy dies.
- Typically less expensive than two separate life insurance policies.