Life

Life insurance provides a cash payout after death to designated beneficiaries. Beneficiaries can be spouse, children, trust, estate, charity or key person of a business. There are several life insurance options available

  1. Term Life Insurance
    Coverage for a specified term that pays a cash benefit at the time of death. Premiums are at a fixed rate for the term. Terms are typically 1, 5, 10, 20 or 30 years.
  2. Whole Life Insurance
    Coverage for life that pays a cash benefit at time of death as long as premiums are paid. Whole life is permanent life insurance and has a fixed premium and accumulates a cash value.
  3. Universal Life Insurance
    Coverage for life that pays a cash benefit at time of death. UL is permanent life insurance but is different than whole life. A UL policy can be backed by a whole life policy or a term life policy. Premiums are fixed for the duration of the policy. Any payments in excess of the cost of insurance is credited as cash value.
  4. Variable Universal Life Insurance
    Coverage for life that pays a cash benefit at time of death. VUL like UL is permanent life insurance. The cash value in a VUL can be invested in several accounts similar to a mutual fund. VUL premiums can vary due to the variations of the investment accounts.

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