Life Insurance Protection
Life insurance to protect what matters most
Life is unpredictable, but protection for your family shouldn’t be. That’s why we offer both categories of life insurance — term life and permanent life.
Without the proper protection, substantial assets can be wiped out quickly. Imagine how you or your family would handle a loss of income as a result of a premature death
TERM LIFE INSURANCE
Term life insurance provides guaranteed death benefit protection for a set number of years at a competitive rate that won’t increase during your term period. Plus, when you have a convertible term policy, you have the option to upgrade to a permanent life insurance policy for lifetime protection — generally without having to answer any health questions.
PERMANENT LIFE INSURANCE
Permanent life insurance can provide death benefit protection for life. Additionally, your policy can grow cash value that you can access at any time, for any reason.*
TERM
PERMANENT
Main
Purpose
Short-term protection
Long-term protection plus cash value accumulation to meet financial needs and goals
Coverage
Duration
Limited time — generally 5 to 30 years; term coverage through work typically ends when you leave your job
Long-term protection plus cash value accumulation to meet financial needs and goals
Builds cash value
Not applicable
Accumulates cash value on a tax-deferred basis
Access to
Cash Value
Not applicable
Yes*
Cost
Lower when you buy at a younger age, but higher when you buy at an older age or when it comes time to renew or purchase a new policy
Initially higher than term, but becomes more cost-effective than term as you age
Disclosure:
The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure you are insurable. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges; if a policy is surrendered prematurely, there may be surrender charges and income tax implications.
You should consult a qualified tax professional for tax advice on your own personal situation. All guarantees are based upon the claims-paying ability of the issuer.