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Life Insurance
Life insurance can provide an excellent opportunity for you to meet many of your goals while still protecting the financial security of your loved ones. All life insurance policies have some things in common-you make payments, called premiums, to the insurance company. When you die, the insurance company pays a death benefit to your beneficiaries. Often, this death benefit is received income tax-free.
Permanent life insurance, however, can also provide a living benefit. When you pay your premium, part of it goes into a cash reserve and accumulates tax-deferred. You can generally access this cash reserve at any time, for any purpose. It can be used for things like education expenses, retirement income, and many other needs. It also remains in force during the insured's entire lifetime, provided premiums are paid as specified in the policy.
Term Life Insurance
Term insurance is death protection for a “term” of one or more years. Death benefits will be paid only if you die within that term of years. Term insurance generally provides the largest immediate death protection for your premium dollar.
Some term insurance policies are “renewable” for one or more additional terms even if your health has changed. Each time you renew the policy for a new term, premiums will be higher.
Some term insurance polices are also “convertible”. This means that before the end of the conversion period, you may trade the term policy for a whole life insurance policy, even if you are not in good health. Premiums for the new policy will be higher than you have been paying for the term insurance.
Whole Life Insurance
Whole life insurance gives death protection for as long as you live. The premiums can be several times higher than you would pay initially for the same amount of term insurance. Buy they are smaller than the premiums you would eventually pay if you were to keep renewing a term insurance policy until your later years.
Although you pay higher premiums, to begin with, for whole life insurance than for term insurance, whole life insurance policies develop “cash value” which you may have if you stop paying premiums. You can generally either take the cash, or use it to buy some continuing insurance protection. A policy with cash values may also be used as collateral for a loan. If you borrow from the life insurance company, the rate of interest is shown in your policy. Any money which you owe on a policy loan would be deducted from the benefits if you were to die, or from the cash value if your were to stop paying premiums.
