Life insurance for my family – What kind and how much?
Explore 3 kinds of life insurance
Secure your family’s financial future with life insurance. Whether you’re looking for the simplicity of term life insurance, the lifelong coverage of whole life insurance, or the straightforward benefits of guaranteed universal life insurance, we have the ideal solution for your unique needs.
Term Life Insurance in a Nutshell
Term life insurance is the most commonly purchased type of life insurance. It’s affordable, temporary, and provides simple coverage that’s meant to protect you and your loved ones during your prime earning years. Policies can last up to 40 years, and coverage can range from $50,000 to millions of dollars. This option offers a range of advantages that make it an appealing choice for many. Here are some key benefits:
• Buy substantial coverage at a fraction of the cost of other life insurance types
• You can tailor your coverage to match your unique needs and circumstances
• The payout your beneficiaries receive upon your death is generally tax-free
Whole Life Insurance in a Nutshell
Whole life insurance provides lifetime coverage and serves as a versatile financial tool with unique benefits. The rates are fixed, cash value accrues that you can borrow against, and some policies earn dividends. Because of these added benefits, the price tag is high. Whole life is a great option for those with a large estate, a family business, or those caring for long-term dependents. Here are some advantages of whole life insurance:
• Participating whole life insurance policies have the potential to earn dividends
• The cash value grows at a guaranteed rate, which you can borrow against tax-free in the form of loans with flexible repayment options
• It provides a tax-free payout for your beneficiaries no matter when you die
Guaranteed Universal Life Insurance in a Nutshell
Guaranteed universal life (GUL) offers lifelong coverage at a lower rate than other permanent policies. GUL is like a term policy that lasts forever. You choose an amount of coverage and, once you pass away, your beneficiaries get that amount to use for funeral costs, to pay remaining debts, or however they choose. People choose GUL for many reasons, including:
• It offers lifelong coverage without frills, making it the lowest-cost permanent option
• Beneficiaries receive a tax-free death benefit that’s guaranteed no matter when you die
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